Aha, thanks Kalpesh! I did not understand the technical differences
between OFX (https://financialdataexchange.org/ofx &
https://en.wikipedia.org/wiki/Open_Financial_Exchange) & QFX
(https://en.wikipedia.org/wiki/QFX_(file_format)).
So based on what you are highlighting here, GnuCash does NOT typically
have issues importing downloaded QFX files (nor downloaded OFX files)
and the main differences in GnuCash between OFX & QFX are the ability to
directly connect to your financial institution using OFX Direct Connect
- correct?
https://wiki.gnucash.org/wiki/OFX_Direct_Connect_Bank_Settings &
https://wiki.gnucash.org/wiki/Setting_up_OFXDirectConnect
If so, searching for a bank that specifically allows OFX transactional
data downloads may just be pursuing open source only for the sake of
being open source and may not be relevant to many GnuCash users. I have
been surprised at how many people on this mailing list still use Windows
and Mac OSs, but what do I know...
https://financialdataexchange.org/ofx - this OFX Work group page does
not appear to have been updated since my May 18 email (below), so I will
cc the FDX email addresses I found once again. Silicon Valley Bank is
still listed as a "Active OFX solution providers participant" although
SVB does still seem to exist as a division of First Citizens Bank
(https://www.svb.com/). And 2020 is still listed as the copyright year
for FDX at the bottom...
I will look more into Plaid later -
https://en.wikipedia.org/wiki/Plaid_Inc.
Thanks,
Brad
On 5/22/23 11:21, Kalpesh Patel wrote:
I can confirm thathttps://www.chase.com/ provides download of accounts (credit
card, checking or saving) in QFX format from their web site. At one Chase even
provided direct connect OFX download via an API call which they shuttered in
2022. If you have Plaid then you can go to Plaid+ subscription to download
somewhat delayed transaction in OFX format for number of financial institutions
that do not provided direct connect OFX mechanism.
QFX format is proprietary of Intuit which contains colon separated key-value
paired header information at the beginning of the file (like below) and then
the standard XML OFX data payload:
OFXHEADER:100
DATA:OFXSGML
VERSION:102
SECURITY:NONE
ENCODING:USASCII
CHARSET:1252
COMPRESSION:NONE
OLDFILEUID:NONE
NEWFILEUID:NONE
OFX importer in GNC simply ignores this header information hence it is quite
often refers to as one and same in the GNC context.
-----Original Message-----
From: Brad Morrison<bradmorri...@sonic.net>
Sent: Sunday, May 21, 2023 11:03 AM
To:gnucash-user@gnucash.org
Subject: [GNC] OFX transactional data downloads from FDIC insured banks
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 meanhttps://www.jpmorganchase.com/
orhttps://www.jpmorgan.com/global orhttps://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>;fdxsupport@financialdat
aexchange.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.h
tml), 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?h
key=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.ht
ml
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.ht
ml
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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