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news.xtra.co.nz 09-06-2005 12:08 AM

This would be cool, for online banking.
 
If , you could use online banking to drill down and view the receipt
details on your transactions - or , even download xml receipts from your
online banking service. For eft-pos, and other bills such as telecom.

Then if IRD to make these acceptable for tax information-digital
certificates could be used to authenticate the transactions. They could even
code the transaction categories to be say 'PETROL' , 'STATIONERY' etc....

With the right software this would reduce my compliance costs hugely, and my
accounting bills. Even depreciation could be calculated automatically using
the correct coding systems.



Dave - Dave.net.nz 09-06-2005 12:22 AM

Re: This would be cool, for online banking.
 
news.xtra.co.nz wrote:
> If , you could use online banking to drill down and view the receipt
> details on your transactions - or , even download xml receipts from your
> online banking service. For eft-pos, and other bills such as telecom.
>
> Then if IRD to make these acceptable for tax information-digital
> certificates could be used to authenticate the transactions. They could even
> code the transaction categories to be say 'PETROL' , 'STATIONERY' etc....
>
> With the right software this would reduce my compliance costs hugely, and my
> accounting bills. Even depreciation could be calculated automatically using
> the correct coding systems.


This makes way too much sense... it'll never happen.

--
http://dave.net.nz <- My personal site.

Shane 09-06-2005 12:52 AM

Re: This would be cool, for online banking.
 
On Tue, 06 Sep 2005 12:22:43 +1200, Dave - Dave.net.nz wrote:

> news.xtra.co.nz wrote:
>> If , you could use online banking to drill down and view the receipt
>> details on your transactions - or , even download xml receipts from your
>> online banking service. For eft-pos, and other bills such as telecom.
>>
>> Then if IRD to make these acceptable for tax information-digital
>> certificates could be used to authenticate the transactions. They could
>> even code the transaction categories to be say 'PETROL' , 'STATIONERY'
>> etc....
>>
>> With the right software this would reduce my compliance costs hugely,
>> and my accounting bills. Even depreciation could be calculated
>> automatically using the correct coding systems.

>
> This makes way too much sense... it'll never happen.


http://www.myob.co.nz/About+MYOB/Media/1256.aspx

if this isnt what you want, I can whip something up in perl that will log
into the banks website, grab the data you want, and spit it out how you
want
:-)

--
Hardware, n.: The parts of a computer system that can be kicked

The best way to get the right answer on usenet is to post the wrong one.


Dave - Dave.net.nz 09-06-2005 12:55 AM

Re: This would be cool, for online banking.
 
Shane wrote:
>>>With the right software this would reduce my compliance costs hugely,
>>>and my accounting bills. Even depreciation could be calculated
>>>automatically using the correct coding systems.


>>This makes way too much sense... it'll never happen.


> http://www.myob.co.nz/About+MYOB/Media/1256.aspx
> if this isnt what you want, I can whip something up in perl that will log
> into the banks website, grab the data you want, and spit it out how you
> want
> :-)


sure, here's my username and password.../kidding.

thats pretty cool, what I meant was that the banks wont come up with it.

--
http://dave.net.nz <- My personal site.

Harry 09-06-2005 01:01 AM

Re: This would be cool, for online banking.
 
news.xtra.co.nz wrote:

> If , you could use online banking to drill down and view the receipt
> details on your transactions - or , even download xml receipts from your
> online banking service. For eft-pos, and other bills such as telecom.
>
> Then if IRD to make these acceptable for tax information-digital
> certificates could be used to authenticate the transactions. They could
> even code the transaction categories to be say 'PETROL' , 'STATIONERY'
> etc....
>
> With the right software this would reduce my compliance costs hugely, and
> my accounting bills. Even depreciation could be calculated automatically
> using the correct coding systems.


This is already available in Australia.
You get a choice of format for the download. Most formats suite
popular accounting packages, and most are xml. But csv is also available.


Alan 09-06-2005 01:47 AM

Re: This would be cool, for online banking.
 
"news.xtra.co.nz" <goaway@spammonster.com> wrote in
message news:_55Te.9093$iM2.864170@news.xtra.co.nz...
>
> If , you could use online banking to drill down and view the
> receipt details on your transactions - or , even download xml
> receipts from your online banking service.
> For eft-pos, and other bills such as telecom.
>
> Then if IRD to make these acceptable for tax information-digital
> certificates could be used to authenticate the transactions. They
> could even code the transaction categories to be say 'PETROL' ,
> 'STATIONERY' etc....
>
> With the right software this would reduce my compliance costs
> hugely,
> and my accounting bills. Even depreciation could be calculated
> automatically using the correct coding systems
>
>


This is already available and has been for some time now (called
BankLink / BankConnet - different providers). Most of the banks can
do it (top 10 at least I think).

What are you paying annually in accounting fees? You can probably
save some or get much better value / benefits for what you are
currently paying.

Alan.





news.xtra.co.nz 09-06-2005 02:27 AM

Re: This would be cool, for online banking.
 
"Alan" <alan@alan.alan> wrote in message
news:kB6Te.9119$iM2.864543@news.xtra.co.nz...
> "news.xtra.co.nz" <goaway@spammonster.com> wrote in
> message news:_55Te.9093$iM2.864170@news.xtra.co.nz...
>>
>> If , you could use online banking to drill down and view the
>> receipt details on your transactions - or , even download xml
>> receipts from your online banking service.
>> For eft-pos, and other bills such as telecom.
>>
>> Then if IRD to make these acceptable for tax information-digital
>> certificates could be used to authenticate the transactions. They
>> could even code the transaction categories to be say 'PETROL' ,
>> 'STATIONERY' etc....
>>
>> With the right software this would reduce my compliance costs
>> hugely,
>> and my accounting bills. Even depreciation could be calculated
>> automatically using the correct coding systems
>>
>>

>
> This is already available and has been for some time now (called
> BankLink / BankConnet - different providers). Most of the banks can
> do it (top 10 at least I think).
>
> What are you paying annually in accounting fees? You can probably
> save some or get much better value / benefits for what you are
> currently paying.
>
> Alan.
>

Hey interesting stuff. One of my compliance costs is the record keeping
aspect. eg, IRD insists on having hardcopy bank statements/receipts but I
think it should be possible to have digitally signed documents instead.

eg, if I made an eft-pos purchase using my business account which consists
of some mixed personal/business items. I would not nessarily need to take a
receipt - I could log onto the internet banking, view the itemisation items
on the receipt flag the items on the receipt that personal items as such.
The GST component of the charge could also be seen, which would also assist
with the GST returns.

And, everything would be downloadable into accounting software of course.




Alan 09-06-2005 03:30 AM

Re: This would be cool, for online banking.
 

"news.xtra.co.nz" <goaway@spammonster.com> wrote in message
news:z87Te.9123$iM2.866006@news.xtra.co.nz...
>
> Hey interesting stuff. One of my compliance costs is the record
> keeping aspect. eg, IRD insists on having hardcopy bank
> statements/receipt but I
> think it should be possible to have digitally signed documents
> instead.
>


Well, the ETA 2002 states:

"18.Legal requirement that information be in writing-

A legal requirement that information be in writing is met by
information that is in electronic form if the information is readily
accessible so as to be usable for subsequent reference.

19.Legal requirement to record information in writing-

A legal requirement that information be recorded in writing is met by
recording the information in electronic form if the information is
readily accessible so as to be usable for subsequent reference."

However, that doesn't mean that some other act says that there are
exceptions (for tax records perhaps!)

Also, I am not a lawyer, so you will have to interpret those sections
for yourself.

Finally, I am not sure whether the ETA 2002 has actually passed into
law. It seems to have had a third reading, but may not have come into
force if the Governor-General by Order in Council hasn't yet appointed
a date.

>
> eg, if I made an eft-pos purchase using my business account which
> consists of some mixed personal/business items. I would not
> nessarily need to take a receipt - I could log onto the internet
> banking, view the itemisation items on the receipt flag the items
> on the receipt that personal items as such.
> The GST component of the charge could also be seen, which would also
> assist with the GST returns.
>


I think you would need to have available a copy of the entire receipt
(digitally perhaps depending on the above) and be able to identify the
business / non-business expenses thereon.

>
> And, everything would be downloadable into accounting software of
> course.
>


Of course!

One step at a time...

Alan.









Kent Smith 09-06-2005 03:41 AM

Re: This would be cool, for online banking.
 
Dave - Dave.net.nz wrote:
> news.xtra.co.nz wrote:
>> If , you could use online banking to drill down and view the receipt
>> details on your transactions - or , even download xml receipts from
>> your online banking service. For eft-pos, and other bills such as
>> telecom.
>>
>> Then if IRD to make these acceptable for tax information-digital
>> certificates could be used to authenticate the transactions. They
>> could even code the transaction categories to be say 'PETROL' ,
>> 'STATIONERY' etc....
>>
>> With the right software this would reduce my compliance costs
>> hugely, and my accounting bills. Even depreciation could be
>> calculated automatically using the correct coding systems.

>
> This makes way too much sense... it'll never happen.


It's probably more to do with privacy issues. I doubt many people want
their itemised purchases held by a bank or any central repository. If it
were it could be open to abuse. We notice you buy a lot of Coke, try this
Pepsi product. You eat a lot, here's a Jennny Craig voucher, etc.

There is a lot of this type of discussion going on relating to RFID.
Absolutely, it makes complete logical sense and has so many benefits but
it's another subtle step to big brother. :)
http://www.google.com/search?q=RFID+%22big+brother%22


-KENT



Waylon Kenning 09-06-2005 10:44 AM

Re: This would be cool, for online banking.
 
T'was the Tue, 6 Sep 2005 12:08:21 +1200 when I remembered
"news.xtra.co.nz" <goaway@spammonster.com> saying something like this:

>If , you could use online banking to drill down and view the receipt
>details on your transactions - or , even download xml receipts from your
>online banking service. For eft-pos, and other bills such as telecom.


You can download CSVs of your transactions from the Westpac website.
--
Cheers,

Waylon Kenning.


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