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M
MMTM
September 6, 2023
Question

Monzo Bank Link

  • September 6, 2023
  • 1 reply
  • 0 views

UK: A client has recently moved banks to Monzo bank . We set up the Monzo to QuickBooks bank link, to import transactions.

1) On occasions Monzo are duplicating entries.

2) Most entries imported from Monzo have no payee or payment reference, unlike the customers previous bank.

This makes it impossible to create "rules" under banking and every entry is now having to be matched manually to the bank statement, to find out who was paid and the payment reference.

Anyone else having issues with Monzo bank link import?

    1 reply

    G
    GeorgiaC
    September 6, 2023

    Hello and welcome to the Community, MMTM.

     

    Open banking provides a one-way transfer of data and as such we're unable to control the information that we receive from each provider. If there are only a few duplicates, you can exclude these by ticking the check-box to the left of the duplicate(s) on the for review page > exclude. If there are many, you may instead consider disconnecting and reconnecting the account in QuickBooks to troubleshoot. 

     

    Please check that the downloaded transactions are set to show the full bank details by navigating to banking > for review > select the small cog to the right > tick show bank details. Hope this helps!

    M
    MMTMAuthor
    September 6, 2023

    Thank you for your reply with solution.

    I had already tried the suggestion, after talking with QuickBooks Support, without success. But thank you.

    I really want to know if others are having the same issues, before advising my customer to change banks or bookkeeper!

    I suspect Monzo, being a cheaper alternative challenger bank, is fine for very small business, but for those with a fair amount of bank entries, their online banking / accounts import just isn't good enough.

    D
    DaveMus
    May 4, 2024

    I'm having exactly the same problems with monzo/quickbooks. Quickbooks doesn't pick up many of the payees so it just guesses them. I then need to manually edit them. It also means that a lot of the rules don't work

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