Small Business Accounting online banking


B

brdowns

I have accounts with Bank of America and with Wachovia. Wachovia was on the
initial test list, but is now gone. I have contacted both institutions per
the Microsoft website http://sba.microsoft.com/bank_list.html to ask about
getting the Money file. Neither of them do this anymore. I called Microsoft
and they tell me that they didn't know this. What am I supposed to do? I
could wait until one of them is usable, but Wachovia says that any 2006
product will not have support until Q2 2006 normally. Now, I'm no
accountant, but I have hired a few and they all tell me that switching
software midyear is not a good idea. Did Microsoft not think of that?
Unless someone knows how to get around this or one of the banks has a sudden
change in the next 11 days, I'll have to continue to use... Quickbooks. Any
help?
 
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W

William Stacey [MVP]

There is never a great time to switch software because it is a change and
takes a bit of work, but is not too bad. As far as banks go, you probably
have already gleaned an answer; switch to a supported bank or stay with QB.
Unfortunately not much they can do, but wait for banks to get to work and
roll-out support.
 
G

George S.

Hi William,

Sorry to jump in here but you said "switch to a supported bank". If you look
at my earlier post (Wednesday, December 21, 2005 2:51 PM) you will see that
we tried Hibernia National Bank which is on Microsoft's list. I have now
been told by a local vice-president this won't occur until the first or
second quarter of 2006. Here is an excerpt from the email I received: "
I spoke with our IT support and they stated that they have received several
inquiries about the .ofx file in the past couple of weeks from customers
that had purchased Small Business Accounting. Right now Hibernia does not
have the .ofx available because our customers directly connect to the bank
and bypass the need for the file. I was told that in the first part of the
year we were going to roll out another Bill Pay service with Capital One,
but they were unable to tell me at this time if this option would be
included.

"

I am committed to use SBA but need the online functionality. Where is a list
I can count on?

I switched to Hibernia ONLY because they were on the list and ONLY because
that vice-president originally assured me we could use the SBA online
functionality right away. How can I choose a bank and be sure the online
functionality will work before making another switch?
 
G

George S.

I found this buried in the Hibernia site after checking further:

"Check Here To Enroll in QuickBooks Service: QuickBooks Service ($14.99 per
month) You will be charged a $5.99 setup fee on the first business day of
the month following your enrollment and a $14.99 monthly fee on the first
business day of the month following each consecutive month of service.
Please select an account from which to pay fees:"

My guess is now they will have a similar charge for SBA even though they
state "COMPLETELY FREE SMALL BUSINESS CHECKING". Oh well, thanks Hibernia
and thanks Microsoft...and Merry Christmas to you both!
 
A

Allan Martin

George S. said:
I found this buried in the Hibernia site after checking further:

"Check Here To Enroll in QuickBooks Service: QuickBooks Service ($14.99
per month) You will be charged a $5.99 setup fee on the first business day
of the month following your enrollment and a $14.99 monthly fee on the
first business day of the month following each consecutive month of
service.
Please select an account from which to pay fees:"

My guess is now they will have a similar charge for SBA even though they
state "COMPLETELY FREE SMALL BUSINESS CHECKING". Oh well, thanks Hibernia
and thanks Microsoft...and Merry Christmas to you both!
You will also notice that they charge interest if you borrow money from them
.. What bastards!
 
G

George S.

Very funny Allan. However how can a small business know what it's getting
into before saying OK I agree to do that... only to find there are extra
hidden costs afterward. I bought SBA because I trusted Microsoft. I opened
up our account at Hibernia because they said COMPLETELY FREE SMALL BUSINESS
CHECKING.

So I reiteriate, I am committed to use SBA but need the online
functionality. Where is a list of banks
I can count on that have the .ofx file available NOW?
 
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A

Allan Martin

George S. said:
Very funny Allan. However how can a small business know what it's getting
into before saying OK I agree to do that... only to find there are extra
hidden costs afterward. I bought SBA because I trusted Microsoft. I opened
up our account at Hibernia because they said COMPLETELY FREE SMALL
BUSINESS CHECKING.

So I reiteriate, I am committed to use SBA but need the online
functionality. Where is a list of banks
I can count on that have the .ofx file available NOW?
It's unfortunate that many of the posters to this newsgroup are obsessed
with the lack of online support with their bank. Exactly why do you NEED
this feature? How many thousands of bank transactions do you generate each
month where this becomes so important? Perhaps if you focused your needs on
what really matters you would be more concerned with just how poor a product
SBA 2006 is compared to the other products available.

SBA will have it's day in the sun but not in the year 2006.
 
C

Chris Schatte

George S.
We easily get around this by just logging into our bank account via our
banks web site and reconciling our daily transactions. Easy, and with no
extra bank charges. Saves money with your accountant as well... they have
only one friend, the IRS. Got to change the tax laws each year to keep em in
business...
 
G

George S.

Chris,
What if you need to reconcile 200-300 accounts at the end of each month?
Some of our customers don't pay us in full each month and we have to track
them fairly carefully or they will add a little each month to their balance
and then we have problems with them.
 
A

Allan Martin

Chris Schatte said:
George S.
We easily get around this by just logging into our bank account via our
banks web site and reconciling our daily transactions. Easy, and with no
extra bank charges. Saves money with your accountant as well... they have
only one friend, the IRS. Got to change the tax laws each year to keep em
in
business...

Chris Schatte
Oh Chris, here I thought we were friends. By the way the IRS does not change
the tax laws, your elected officials do. Doubtful given the power the IRS
would ever change any of the laws. Having to learn new tax law is hard
boring work.
 
A

Allan Martin

George S. said:
Chris,
What if you need to reconcile 200-300 accounts at the end of each month?
Some of our customers don't pay us in full each month and we have to track
them fairly carefully or they will add a little each month to their
balance and then we have problems with them.
So what does that have to do with online bank support?
 
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C

Chris Schatte

Allan, of course we are...
Elected officials, irs, its all the same
They take money and our accountant tell us how much...
 
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R

Rich Sloan

What I have not seen on any of these boards is the question everyone should
be asking. If MS Money Home and Business can easily support hooking up to
major banks using the OFX format, why can't SBA. With Money I can even use
the MSN protal to manage my accounts, pull updates, etc. I feel this is a
huge flaw in the program, and as a consultant I can;t in good conscience
recommend this program to one of my clients, if they are already using QB or
Peachtree. SBA should be no different than Money, but I feel that we once
again have the micorsoft "Silo" effect. One development group does not talk
to another development group.
 

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