I have been manually typing my Monzo transactions into Wave for the last few months as the CSV export file is not strictly a “statement” file. In common with many other financial management and reporting apps, Wave needs a date, a description and an amount. Unlike other packages Wave semi-automates this and asks you to pick a field if there are, say, two numeric fields in the CSV. That generally works with most of the challenger banks CSVs but Monzo’s CSV is a nightmare!
Wave fails before the first hurdle as it looks at the Monzo file and says “Date field not found”. When I looked at the CSV in Excel it was absolutely right. No date field at all, but the date is encapsulated in a concatenated splurge of date and time characters. Who has any use for all this un-necessary bloat that is in the Monzo CSV?
I know they are now working on statement production (I have already been asked to show a bank statement to a broker and I’ve only switched to Monzo a few months ago). A statement of transactions is so fundamental to operating a bank account that I cannot imagine why it isn’t there. The sensible thing to do from there is offer a statement only CSV as an option with just three fields:
Date (type date)
Description - usually payee / merchant info (type character)
Amount - positive or negative (type numeric)
Or just give an option for OFX - works perfectly every time. (Wave and Monzo APIs may well talk later but we need something now).
That’s all that’s needed for accounting. For those who want to assign categories in the banking app, they probably will do everything in the app whereas people like me want to assign categories across a range of banking products but do it all in one place. Even if I wanted to be 100% faithful to Monzo, they don’t do limited company or business accounts (I have need for both) and they don’t do joint accounts (my wife and I spend some of our money jointly). Then there’s savings. Perhaps they will come to Monzo but I will still pick the account provider offering the highest rate.
I’ve now dumped all the dinosaur banks. I’m just waiting for the challengers to catch up with a few basic concepts.