Best Practices To Fetch Capital One Bank Statements.
Capital One is the largest major bank that does not have any intention of providing access to Capital One Bank Statements. They have an API but they refuse to grant access to their bank statements via their API.
To deal with this Ledgersync has developed a two pronged strategy
Using Bank Transactions For Soft Closes.
1- Connect Capital One via the MasterCard connection. This will allow Ledgersync to pull in the Capital One Transactions directly from the bank. Since it's an API it will be 100% perfect.
2- Use the Running Balance report. This is a calculated running balance that takes current balance +/- the debits and credits. Essentially mimics a bank transaction web site. Pick the closing date you want to close on and the last transaction of that date is the closing balance number.
Getting PDF Bank Statements
Our recommendation is to run Capital One twice a year for fetching the Capital One bank statements. Why? Capital One requires a bank token on every login and therefore getting token codes from the client monthly is really difficult.
As such Ledgersync has changed the fetching process to fetch 7 months of bank statements for each Capital One Account!
Why? This way you only have to ask the client only 2x a year for a bank token and Ledgersync will overlap and fetch 7 months of bank statements upon each login.
Conclusion
In short, use the Running Balance report to do a soft close on Capital One and run the statements 2x a year and fetch the last 7 months of PDF Bank Statements if you need to do a hard reconciliation.
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