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StandardSeeker
August 9, 2021
Question

ISO20022 XML standard integration in Quickbooks today

  • August 9, 2021
  • 2 replies
  • 0 views

The bank recommended us to choose an accounting system prepared/ready to use ISO20022 XML standard, which is the joint European format standard used between banks today. They said that all developments within formats are moving towards XML because all European banks can receive and accept files in XML. What you think, does Quickbooks supports this standard well?

 

It is not sure if our bank is supported and automatic bank feed is not possible. Therefore, we would like to know if we can still import bank statements manually using ISO20022 XML standard. Does anyone have a experience of that?

2 replies

A
Ashleigh1
August 9, 2021

Hello StandardSeeker, 

 

Welcome to the Community page, 

 

If your bank account is not supported by open banking, you can manually upload your transactions and export your bank statements in using either a CSV, QFX, QBO,OFX or TXT format, they are the only ones Quickbooks supports. If you have a look at this link it shows you all the banks that is currently supported and available to connect to to Quickbooks that is on open banking. 

    S
    StandardSeekerAuthor
    August 9, 2021

    I looked the list. There was the bank included (Danske). However, there were not separated Danske bank, London Corporate. Therefore, I would like to make sure this is too supported. There are other systems (like Xero) that supports Danske Bank, but have specially excluded Danske Bank London Corporate.

     

    Thanks for letting know that manual (ISO 20022) XML import is not currently possible.

    Fiat Lux - ASIA
    Fiat Lux - ASIA
    August 9, 2021

    Did your bank mention certain accounting systems? Afaik, that ISO will only regulates for customers to be able to make online transfers only with the recipient's mobile number or email address information, in addition to account number information like the current system. We have a Wise account and can transfer payments to other Wise accounts with their email addresses now. And we can also run the bank feeds to QBO.

    https://wise.prf.hn/l/64dl92k

     

    S
    StandardSeekerAuthor
    August 9, 2021

    They could not recommend system provider. Instead they suggested to check possible integration with each system providers separately.

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