The ubiquity of PDF financial files

PDF, or Portable Document Format, was originally designed by Adobe for transferring a variety of file types to computers using many different file formats, retaining the file's original appearance and layout. The first programs that converted files into PDF format were priced so that only businesses could own them, but the software program needed to read these files was free for everyone. This made it possible for just about everyone to be able to read and print PDF files, but very few people could convert files into this format. It was also very rare for individuals to have the ability to convert PDF files to any other type of format.

As technology evolved, more software programs began to offer users the option to convert their files into PDF format. This allowed software users of common programs such as Microsoft Office and Apple’s Pages the ability to share a static copy of documents they created among a wide range of users. It also made the documents difficult to edit -- a good solution for information that needed to be distributed, but not changed.

This is why most banks send statements as static PDF files; it’s easy for them to produce this type of file regardless of the type of accounting and spreadsheet programs they use. The files can be opened on just about any computer, smartphone, or tablet, making them almost universally accessible. However, personal accounting programs cannot easily integrate these PDF files into their databases, since the data is not accessible as discrete bits of information since CSV (Comma-Separated Values) files are the common format for many financial accounting software programs. Until now, laboriously printing out these PDF documents and then manually entering the information into the files of financial accounting software program has been the solution.

Information, not format

There is no longer any need to handle data this way; there are now software programs available that can convert PDF to CSV files. MoneyThumb offers a great program that can convert your PDF bank statements into the CSV files that can be read by most accounting software programs. Instead of wasting time manually entering data, you can easily convert that information into a CSV file that your accounting software can read. This simple conversion almost magically presents your financial information exactly where and how you want it.

The post How to Convert a Bank Statement PDF to CSV appeared first on MoneyThumb.

Not all OCR programs are created equal…

Optical recognition technology evaluates image files and translates them into usable data. As science-fiction as that may sound, OCR has quickly established itself within a real-life context. Law firms use it to search for information in 100-page depositions. Businesses can classify and index invoices with OCR barcodes. The post office uses it to sort mail by zip code. You may have even used OCR when depositing a check into an ATM.

Though this technology can be used within a variety of frameworks, the function is the same. OCR programs begin by creating a hierarchy of information. First it analyzes the layout of an image file (such as a PDF), identifying tables, columns, and text blocks. It then breaks down that information into lines and characters. Most programs then cross reference the structure of the document with the recognizable characters and an internal dictionary to provide a comprehensive overview of the content. This entire process of analysis and conversion of a page into usable data take less than a minute.

…For that matter, nor are PDFs

Many documents that you will encounter in the accounting sphere are text-based PDFs. Invoices and bank statements are often transmitted from institution to individual in this format. In these types of PDFs, you can select and copy items to paste into spreadsheets and accounting forms. But there may be times when you get an a PDF that doesn't have any clickable fields; what do you do then?

Your file is most likely image-based. Image-based PDFs are large, high-resolution photos or scanned copies of physical documents. On rare occasions, you may receive a PDF that looks and behaves like it is text-based, but when you paste a selection onto a form, it shows up like this:

You’ve just come upon an encrypted PDF. These PDFs are meant to keep sensitive information confidential, but very few banks use them. Often, internally encrypted PDFs must be converted into image-based PDFs for processing.

Although image-based PDFs are an easy and accurate way of conveying information from one person to another, it relies upon human interpretation. Upon receiving the image, you (or your team member) have to read and manually enter that data. Not only is this time consuming, but the accuracy of data entry is subject to human faults, such as fatigue, boredom, and simple error. During periods of high volume—such as tax season—this puts your information at risk.

PinPoint OCR for the most accurate financial forms.

The use of an OCR program can drastically cut down on time and substantially reduce the possibility of error, but we take this a step further. MoneyThumb's new PDF+ line uses PinPoint OCR to integrate with our standard text-based converter products to give you the first character recognition program designed specifically to recognize elements within bank statements. This contextual format provides superior structural analysis and error correction.

Extracting data from financial documents such as credit card and brokerage statements for your personal finance and accounting files has never been easier. Explore our PDF+ products and see what we mean.

[ Compare PDF Convert Products ]

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However, MoneyThumb’s 2Convert line of financial file converters can easily convert your financial transaction data from virtually any source into the financial industry’s .ofx format that is used by accounting and personal finance packages such as: Xero, Kashoo, Zoho,  GoDaddy Accounting, Sage, Fresh Books, MYOB, iBank, AceMoney, YNAB, Moneydance, GnuCash & Microsoft Money’s Sunset Edition.

PDFs & Historical Transaction Data

A variety of personal finance software users faced a challenge in importing bank, credit card or brokerage transactions that are 6 months or older. This is because a large number of financial institutions only supply historical transaction data in .pdf format, which programs like Xero, Kashoo, Zoho,  Sage, MYOB, AceMoney, YNAB and others do not natively import. Fortunately, MoneyThumb’s pdf2ofx Convert+ makes use of advanced algorithms to compare your .pdf file against those supplied by hundreds of financial institutions and ensures that your .pdf to .ofx file conversion process is smooth and easy. Or if your accounting software needs QIF format file, consider pdf2qif Convert+.

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Convert QIF to OFX

You may want to move your personal financial data from an older version of Quicken or other program that uses the .qif format into financial software that uses .ofx. Our qif2ofx Convert software easily handles conversions from Quicken to OFX.

Convert CSV to OFX

Any financial transaction data in a spreadsheet can easily be converted so it can imported into other financial programs. Convert from .csv to .ofx to make the process quick and hassle-free. csv2ofx Convert makes that conversion with a single click.

The post With MoneyThumb: Convert to Xero, Kashoo, Zoho, YNAB, AceMoney & Others appeared first on MoneyThumb.

MoneyThumb is proud to introduce PDF+, the only optical character recognition (OCR) software designed specifically for reading scanned bank statements. PDF+ quickly and efficiently converts data from scanned documents and other PDF statements that contain images or internal encryption into usable data.

What is OCR?

OCR recognizes image based documents and translates them into data electronic devices can recognize. OCR technology is already being used to extract text and characters from books and magazines to preserve data into a digital format.The technology can identify everything from text to non-textual elements, such as images, columns, and rows. MoneyThumb's PDF+ is the first platform to implement this new and effective technology specifically to bank statements and bookkeeping forms.

What PDF+ Can do for You.

That means it can take read-only PDFs or scanned documents, interpret them, and deliver the data into an editable file. Whether you use desktop or online accounting methods, PDF+ can make life easier. Simply convert your scanned PDF documents to today’s most popular digital accounting formats:

• QuickBooks
• Quicken
• Excel
• MoneyDance
• Xero
• Zoho
• AceMoney
• Ynab

PDF+ can drastically reduce the amount of time spent manually entering data onto complex accounting systems. Furthermore, it removes the chances of human error, making your data as accurate as possible.

MoneyThumb currently offers PDF+ software bundles and express subscriptions. Software bundles include MoneyThumb’s classic conversion software (yours for life, upon purchase) with a one-year subscription to PDF+ OCR capabilities. For those looking to satisfy a short-term need, the express subscriptions give you access to MoneyThumb’s OCR services for 50 days at a lower cost.

All it takes to get this new technology on your computer is a simple download. You’re mere minutes away from supercharging your conversion software for PDFs.

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The post MoneyThumb Welcomes OCR to the Family appeared first on MoneyThumb.

If you had to import years of financial transactions into one money management program, what tools would you use? A generally simple process becomes complex when historical transaction statements (generally 6 months and older, but sometimes just 90 days and older) are only offered as PDF downloads.

Anyone that has tried to utilize these PDFs knows that they are great for viewing data - but not so great at doing anything with it. That's where MoneyThumb's line of financial file converters can help! Our software family offers a variety of options to convert PDF statements into Quicken, QuickBooks, spreadsheets, and other financial file formats.

MoneyThumb's line of PDF converters make use of advanced algorithms to compare your .pdf file against those supplied by hundreds of financial institutions. This ensures that the .pdf file conversion process is smooth and easy.

All PDF Converters

• pdf2qbo Convert (From PDF to QBO QuickBooks format)
• 2qbo Convert Pro (From PDF to QBO + advanced PDF conversion tools)
• pdf2qfx Convert (From PDF to QFX Quicken format)
• 2qfx Convert Pro (From PDF to QFX & QIF + advanced PDF conversion tools)
• pdf2qif Convert (From PDF to QIF Quicken format)
• pdf2csv Convert (From PDF to CSV spreadsheet format)
• pdf2ofx Convert (From PDF to OFX format for other financial software use)
• 2ofx Convert Pro (From PDF to OFX & QIF + advanced PDF conversion tools)

Convert PDFs into Quicken

Quicken is a leader in the field of personal finance management, so which is why we offer so many options for converting files into various Quicken formats. We even have converters to switch files from one Quicken format to another! There are two options for converting PDFs into Quicken format: pdf2qfx, and pdf2qif. Our pdf2qfx converter works with these versions of Quicken:

• Quicken 2015 for Mac
• Quicken (Deluxe, Premier, Home & Business, Rental Property Manager) 2015 for Windows
• Starter Edition 2014
• Deluxe 2014
• Premier 2014
• Home & Business 2014
• Rental Property Manager 2014
• Starter Edition 2013
• Deluxe 2013
• Premier 2013
• Home & Business 2013
• Rental Property Manager 2013
• Starter Edition 2012
• Deluxe 2012
• Premier 2012
• Home & Business 2012
• Rental Property Manager 2012

Our pdf2qif converter works with these versions of Quicken:

• Quicken Personal
• Quicken Personal Plus
• Quicken 2005 and all older versions

QIF versus QFX?

The choice between the two file formats depends on what version of Quicken you're using, and what features you need. QFX is easier to work with, but does not support categories or splits. If categories or splits are needed, the best option is using QIF to convert a file to Quicken. Otherwise go with QFX. Some people prefer to stick with their original form of Quicken, and therefore have continued to use .qif file types. If you wish to work with the latest versions of Quicken, the PDF to QFX converter is a better choice.

Convert PDFs into QuickBooks

QuickBooks has long been known as a small business essential. Personal accounting becomes even more complex when incorporating your small business, freelance, or company transactions into the program. Having everything in one place allows for a unified and complete picture of your finances, so it's a step that shouldn't be skipped.

Our pdf2qbo converters work with these versions of QuickBooks:

• QuickBooks Online Simple Start
• QuickBooks Online Essentials
• QuickBooks Online Plus
• QuickBooks Pro 2015
• QuickBooks Premier 2015
• QuickBooks Enterprise 2015
• QuickBooks Pro 2014
• QuickBooks Premier 2014
• QuickBooks Enterprise 2014
• QuickBooks Pro 2013
• QuickBooks Premier 2013
• QuickBooks Enterprise 2013
• QuickBooks Pro 2012
• QuickBooks Premier 2012
• QuickBooks Enterprise 2012
• QuickBooks Pro 2011
• QuickBooks Premier 2011
• QuickBooks Enterprise 2011
• QuickBooks Pro 2010
• QuickBooks Premier 2010
• QuickBooks Enterprise 2010
• QuickBooks Pro 2009
• QuickBooks Premier 2009
• QuickBooks Enterprise 2009
• QuickBooks Pro 2008
• QuickBooks Premier 2008
• QuickBooks Enterprise 2008
• QuickBooks Pro 2007
• QuickBooks Premier 2007
• QuickBooks Enterprise 2007
• QuickBooks Pro 2006
• QuickBooks Premier 2006
• QuickBooks Enterprise 2006
• QuickBooks Simple Start Desktop 2005
• QuickBooks Pro 2005
• QuickBooks Premier 2005
• QuickBooks Enterprise 2005
• QuickBooks Simple Start Desktop 2004
• QuickBooks Pro 2004
• QuickBooks Premier 2004

pdf2qbo Convert versus 2qbo Pro Convert?

If you need a simple way to change a PDF into QuickBooks format, our pdf2qbo Convert is the best option. It's straightforward, easy to use, and does exactly what it says. If you have multiple file types that you would like to convert to QuickBooks format, or need advanced PDF conversion options, you should select 2qbo Pro Convert. This all in one tool allows for the conversion of PDFs into QuickBooks, and also includes functions to:

• Convert .csv files to .qbo format
• Convert .pdf files to .csv format
• Convert .xls files to .qbo format

Beyond that, this pro converter also offers the following advanced PDF options:

• Handling of non-standard text
• Handling of multi-lingual text
• Removal of extra text from payee names
• Clean import into QuickBooks

Convert PDFs into Spreadsheet Format

Those that use spreadsheets for personal finance management can benefit from pdf2csv Convert. This tool is also valuable if your money management program only accepts the upload of .csv files. Easily transform PDFs into functional, editable spreadsheet files with this converter software. It doesn't matter if you've made your own spreadsheet, or if you've created one using an Excel template, or if you just prefer the capabilities of using spreadsheet file formats. This tool helps with it all.

Convert PDFs into OFX

There are a handful of financial software options that work in .ofx (Open Financial Exchange) format. As you may have guessed, we also have converters that take your PDF and turn them into OFX files.

Personal software programs like GnuCash, AceMoney, and MoneyDance do not natively import PDFs. If you need to get historical PDF statements into iBank, Microsoft Money Sunset, or similar programs, you will first need to switch from PDF to OFX format. OFX is used by many personal finance platforms, including:

• AceMoney
• GnuCash
• iBank
• Jumsoft Money
• Microsoft Money Sunset Editions
• Moneydance
• MoneyWhiz

Tools of the Trade

Whenever Prince Charming faces off against a dragon, he knows to bring his shield and sword.  When Cinderella needed a dress for the ball, she called upon the mice and birds to help. When Rapunzel needed to escape her tower, she grew out her hair until it offered a way out.  Choosing the right tools just makes sense, and we're here to help with the resources you need to accomplish any financial feat.

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