Timeline For Auto-Importing Bank Transactions
Most banks provide only 30 to 90 days of historical transactions following the initial bank connection. This is determined by each financial institution and is unfortunately beyond ReInvestWealth's control, though ReInvestWealth always requests the maximum transaction history during the initial connection.
How To Import Your PDF Bank Statements
ReInvestWealth offers a one-time migration service. Simply submit a ticket by using the question mark at the top right corner of your profile. ReInvestWealth will provide next steps on how to migrate. This migration service is available for a one-time fee of $79 or free of charge if you agree to an annual software subscription.
How To Migrate From Another Accounting Software
If you’re using another accounting software and looking to import your data, ReInvestWealth's team has you covered. Simply submit a ticket by using the question mark at the top right corner of your profile, stating which accounting software you currently use, and ReInvestWealth will provide next steps on how to migrate. This migration service is available for a one-time fee of $79 or free of charge if you agree to an annual software subscription.
Benefits Of Importing Historical Transactions
Accurate Financial Records: Complete historical data allows you to maintain an accurate and up-to-date record of all financial activities, which is essential for tracking the financial health of your business.
Better Financial Insights: With historical data, you can analyze spending patterns, income trends, and profitability over time, enabling better budgeting and planning.
Simplifies Tax Preparation: An organized and detailed record of all past transactions reduces the risk of missing deductions and ensures that tax filings are accurate.
Improves Cash Flow Management: By analyzing past transactions, you can better predict and manage cash flow, helping to avoid shortfalls and make informed financial decisions.
Frequently Asked Questions
Why should I import historical bank transactions instead of starting fresh?
While you can always choose to start fresh, importing historical transactions provides a complete financial picture, enabling more accurate reporting and trend analysis. It helps for year-end financials, tax preparation, and evaluating your business’s growth.
How far back should I import my transactions?
Ideally, import the last fiscal year of transactions. For new businesses, start from your first transaction to build a complete history. For tax or legal compliance, book a call using the question mark at the top right of your profile.
Can I import transactions from multiple bank accounts?
Yes, ReInvestWealth accounting software supports importing transactions from multiple bank accounts. Make sure each bank is connected in the software first.
What file formats are compatible with the ReInvestWealth accounting software?
For the purpose of importing bank transactions, PDF (Portable Document Format) is the compatible format with the ReInvestWealth accounting software.
Will importing historical data overwrite or duplicate my current data?
No, importing historical data won’t overwrite current data, and our team will ensure not to duplicate any transactions already in the system.
Can I import credit card transactions the same way?
Yes, credit card transactions can also be imported, as long as your credit card is linked to your ReInvestWealth account. The software treats them similar to your checking and savings accounts.
Will imported data be secure in the ReInvestWealth accounting software?
Yes. Security is top priority. The ReInvestWealth software automatically encrypts your data and stores it in secure Google Cloud servers with strict sign-in services.