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Wave

This is a long-standing online software available from the US (over 15 years old).  You can evaluate it for yourself here.  Alternatively have a look at the Youtube channel.

This software has limited functionality.  There are no account codes or budgets but the product is free.

If you are moving from MYOB you will appreciate the simplicity.  Even reconciliation doesn’t really need to work as hard as the way that MYOB users will remember.  The new method is to use the bank register.  The bank register function is much easier to find than in most online softwares. 

The key feature is that it downloads transactions from your bank account automatically.  Some online and a few desktop softwares do this now. The transactions are allocated to 'categories' (what we would call nominal accounts) through application of rules (to which you can add more details).  Since all the transactions are imported for you there is not the same need to match line by line reconciliation to be sure that you get the entries all in.  So you don’t really need a reconciliation function.  Hooray.

The ease in the new software is hidden.  It will wisely guess the codings based on its own assumptions of what the description in each transaction might mean.  However it is not easy to amend its guesses.  You can set the rules within the software to look through the bank transaction description as a way of deciding the coding in all future transactions it downloads. 

The software will produce a simple profit and loss and track transactions against that budget over several months.  You can enter your own budgets and track cashflow.  You can enter non cash transactions into other asset and liability accounts that are not related to an actual bank account. 

If it is a small business this is suitable for simple bookkeeping.  If you are unregistered, using Flat Rate Scheme VAT or you have a good accountant, the lack of a VAT system should not be a problem.  There is no CIS, VAT or payroll. The graphs get a little confused between US$ and sterling, depending on the screenshot you use.

Strangely to register you do have to say you are a resident of the United States. However it still covers most UK bank Accounts.  Some are missing - for example Co-op Business Banking and our favourite, the Unity Trust bank. See the list below.

There is a txt file download…. Which is unfortunately not in a form that will allow easy import to an Accountedge software.  There are key limitations: no cards, budgets, stock control, sales or purchase ledgers.

Nevertheless the whole thing is still alot easier than a conventional free bookkeeping package. My recommendation is not to install yourself onto a new online software before you have at least reviewed this free one. 

Yodlee works with these UK banks :

AA Bank
Asda
Abbey National
Alliance and Leicester
AIB
Amazon
Amex
Bank of Scotland
Barclaycard
Barclays
Bradford and Bingley
Brewin Dolphin
Brittania
Capital One
Citibank
Clydesdale
The Cooperative
Coventry BS
Cumberland BS
Egg
First Trust Bank
Goldfish
Handelsbanken
HSBC
Halifax
ICICI
Ice
Investec
Metrobank
Mint
Morgan Stanley
Post Office
Royal Bank of Scotland
Sainsburys
Santander
Smile
TSB
Yorkshire Bank
Yorkshire BS
Zopa



Ask an MYOB accountant

Call us on 01422 847500Call us now on 01422 847500


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