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Does Wave ever miss bank records?

SarahNorthwaySarahNorthway Member Posts: 2

I recently discovered (to my horror) that QuickBooksOnline regularly misses ~5% of my banking records. For whatever reason, its nightly process to connect to my bank (Royal Bank of Canada) fails, and no records are downloaded for that day. It does not try again the next day, and does not alert me to the error. This issue is not documented, and QBO support staff don't think it's a big deal. They suggest I regularly double-check QBO transactions against my bank statements and manually enter that missing 5%.

I spoke to support at Xero who have exactly the same problem (but at least they admit it's a problem). They use a 3rd party scraper called Yodlee to download transactions because my bank does not have a proper API. If Yodlee fails, it just skips that day and the records never appear in Xero. Again, the solution is for me to regularly double-check Xero records against my bank records and manually enter the missing ones.

Is this something that Wave users also deal with? Does Wave use Yodlee for Royal Bank of Canada?

in Bank Connections

Comments

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hey @SarahNorthway . We do in fact also use Yodlee for data aggregation. From my experience, a bank connection will rarely "skip" importing transactions from the bank, although I have seen this happen before. I can't put a percentage on it as it's not a commonplace occurrence, but there definitely is this possibility when using a 3rd party data aggregation partner.

    If you have any further questions about this, don't hesitate to reach back out and I'd be happy to help.

  • SarahNorthwaySarahNorthway Member Posts: 2

    Thanks Alex! In 2018 it seemed to happen during the first couple days of most months, so my guess is my bank either does regular maintenance at that time, or gets overloaded by a spike in activity and can't process transactions until the next day.

    Neither would surprise me; I just wish Yodlee etc would regularly double-check previous pulls and find those missing records, especially if it suddenly receives 0 records for an otherwise active account.

    I haven't been able to get through to Yodlee with this suggestion, so if you have a channel to them it would be valuable if you could forward this to them! Relying on reports which were missing records has caused a huge accounting and legal mess for me as a small business owner. Thank you!

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