Hi Stephen/Bob/Gyle/all,
Gyle: I emailed Bask Bank (customersupp...@baskbank.com), Presidential
Bank (em...@presidential.com), & CIT Bank (serv...@cit.com) on Thursday,
May 18 at about 7 PM PST and have not heard back from any of them yet
(CIT did send an automated response immediately). We will see what they
say.
Bob: I made a comment on Huntington Bank's Facebook page
(https://www.facebook.com/HuntingtonBank/) about 15 minutes ago because
they do not seem to have email customer service options on the Contact
Us page on their website
(https://www.huntington.com/customer-service/contact-us). We will see
what they say.
Stephen: you said "JP Morgan Chase Bank provides OFX/QFX format
downloads of Checking and Savings Accounts" do you mean
https://www.jpmorganchase.com/ or https://www.jpmorgan.com/global or
https://www.chase.com/ or something else? JPM is an enormous financial
institution (https://www.google.com/finance/quote/JPM:NYSE) and I don't
know where to direct my inquiries.
In addition, my understanding is that there is a difference between OFX
(https://en.wikipedia.org/wiki/Open_Financial_Exchange) and QFX
(https://en.wikipedia.org/wiki/QFX_(file_format)), but it seems like
many people are lumping them together - ?
My standard ask goes something like this:
"Hi,
I use GnuCash (https://gnucash.org/), an open source accounting
software. Does ____ Bank allow transactional data to be downloaded in
the OFX file format
(https://en.wikipedia.org/wiki/Open_Financial_Exchange &
https://financialdataexchange.org/ofx) or does ____Bank only allow
proprietary/patented/corporate file formats (like QFX, owned by Intuit)
for transactional data downloads?
Thank you,
Brad"
I changed the email subject title from the "Tax report options
(flywire)" one as the conversation only went in this direction and Alex
Aycinena,nor anyone else, added to what I was saying about the tax data
format options (see emails below).
Thank you for your help in this project!
Brad
On 5/19/23 12:41, Gyle McCollam wrote:
Bob,
You replied to me only. I was replying to Brad. You should use reply all so
that your reply goes to the list.
Thank You,
Gyle McCollam
Gyle McCollam
gmccol...@live.com<mailto:gmccol...@gyleshomes.com> email
________________________________
From: Bob Crochelt<rf...@fastmail.com>
Sent: Friday, May 19, 2023 2:02 PM
To: Gyle McCollam<gmccol...@live.com>
Subject: Re: [GNC] Tax report options (flywire)
Hi:
Huntington Bank offers OFX/QFX for checking and savings, but not AFAIK CD's.
HTH
Bob Crochelt
On Thu, May 18, 2023 at 03:48:18PM +0000, Gyle McCollam wrote:
Brad,
As fr as banks with FDIC Insurance and OFX/QFX downloads, I can think of 3 off
the top of my head. Presidential Bank in MD, good rate, but only on the 1st
$25,000 in checking with conditions. 2nd, Bask Bank/Texas Capital, limited to
2 savings accounts and CDs. Last. but not least CIT Bank (not CITI). I'm sure
there are many others and even if they only offer CSV downloads, that is almost
as easy once you've done it once.
Thank You,
Gyle McCollam
Gyle McCollam
gmccol...@live.com<mailto:gmccol...@gyleshomes.com> email
________________________________
From: gnucash-user<gnucash-user-bounces+gylemc=gmail....@gnucash.org> on behalf of
Brad Morrison<bradmorri...@sonic.net>
Sent: Thursday, May 18, 2023 5:56 AM
To:gnucash-user@gnucash.org <gnucash-user@gnucash.org>
Cc:fdxmemberservi...@financialdataexchange.org
<fdxmemberservi...@financialdataexchange.org>;fdxsupp...@financialdataexchange.org
<fdxsupp...@financialdataexchange.org>
Subject: Re: [GNC] Tax report options (flywire)
Hi Alex/all,
Thank you for the overarching explanations about how GnuCash Tax Report
Options work and some of the issues behind that.
As I covered in my April 25 post
(https://lists.gnucash.org/pipermail/gnucash-user/2023-April/106671.html),
I have been trying to find US based FDIC insured banks that allow for
transactional data to be downloaded in the OFX file format
(https://en.wikipedia.org/wiki/Open_Financial_Exchange). I have still
not been able to find any that do, so I dug a bit deeper (the ICBA and
several other banking associations did not respond to my inquiries) and
noticed that the Financial Data Exchange group that hosts the "OFX Work
Group" (https://financialdataexchange.org/ofx) seems to be quite out of
date (copyright date at the bottom lists 2020 as the year, 2019 is the
last date on the timeline, etc.). The Financial Data Exchange homepage
(https://financialdataexchange.org/) looks better maintained and seems
to have several news items from the last month, but also has that 2020
copyright date at the bottom. FDX also has this Tax Data Exchange
section
(https://financialdataexchange.org/FDX/FDX/US-Tax/US-Tax-Forms.aspx?hkey=00bae613-7ec8-4c93-8e37-4712f09ae255)
under the "Resources" tab, but it also looks a bit stale. You may be
able to parse the technical information there better than I can, but it
might be worth a look as that Tax Data Exchange page also seems to
acknowledge what you are saying about TXF code being abandoned
("Standards-based JSON files are superior to both CSV and TXF files CSV
files require proprietary programs to process. Documentation and support
of the TXF standard has dwindled and has now been fully-replaced by new
standards.")
I do not know if GnuCash is already a member of FDX, but that maybe
something to consider...?
Brad
On 5/17/23 12:08, Alex Aycinena wrote:
On Wed, May 17, 2023 at 9:00 AM<gnucash-user-requ...@gnucash.org> wrote:
---------- Forwarded message ----------
From: flywire<flywi...@gmail.com>
To: Gnucash Users<gnucash-user@gnucash.org>
Cc:
Bcc:
Date: Wed, 17 May 2023 17:17:45 +1000
Subject: Re: [GNC] Tax report options
https://lists.gnucash.org/pipermail/gnucash-user/2023-May/107018.html
flywire wrote:
It is a spreadsheet process to add share/franking credits to etf/franking
credits (Distribution:13Q) and similar for capital gains
(Distribution:18H:18A) since the components are the same tax item. Any
thoughts of how I could sum them in reports from different account trees?
lol In the heat of the moment preparing tax I'd never thought of just
transferring the total to the main account for that item.
https://lists.gnucash.org/pipermail/gnucash-user/2023-May/107020.html
flywire wrote:
...there are 13 annual returns
To be clear, the items on the return map to different tax codes, eg
franking credits is 13Q on a personal return and 8D on a trust return. I'd
expect a table would need to be maintained for each return type. Australian
codes hardly change over time which likely means there would be no active
maintenance.
Is it as simple as just using a unique tax code as account code and then
reporting by account code? (Assume one return type.)
_______________________________________________
Some questions have been asked about Tax Report Options in the past couple
of weeks. I have been away and not able to respond or make comments. Let me
make these points, which may not necessarily apply to this thread, but to
others (sorry):
- The Tax Report Options and associated US Income Tax Report are only
intended to be used for US Income Taxes.
- Some time ago, someone in Germany used the US version and made
adjustments for use in Germany; I'm not familiar with that and don't know
if it works and is being maintained.
- Initially it was intended primarily to generate a file that could be
uploaded to Income Tax Preparation software (and a report was sort of
secondary) and so a key element of the design was the use of TXF codes that
the Tax software could understand; the specification for those codes was
abandoned some time ago so the ability to expand the system is not there
unless we invented our own new TXF code (ugh!).
- That is why there is nothing for Form 1116.
- If someone wanted to do what was done for Germany for another
jurisdiction, they would have to deal with this TXF issue; I certainly
don't recommend trying it.
- The US version could/should be re-written to not depend on TXF codes but
this would not be trivial.
- One can use the 'No Tax code' tag to include accounts on the US Income
Tax Report, just not sorted by Form/Schedule; you could use the account
name and/or description for that purpose for those accounts to give you
totals (example: for Form 1116).
- The system assumes that each 'book' (i.e., gnucash file) is for one
reporting entity (individual, partnership, corporation, etc.) and that one
file is not used to track the accounts of more than one tax
reporting entity.
- You can certainly use your account structure design and other available
reports to get your tax information without using this system; in fact, if
you use this system, you have to carefully design your account structure
and do careful data entry to get the report to be useful.
Alex
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