Which banks provide intelligible information in their EFT transactions? BMO is unbearably awful in that every transaction is annotated with the same text.

Hi there shane-mayet-ca,

It's vital that all transactions are categorized correctly so that your bank's balance in QuickBooks Online will be the same as the real bank account. QuickBooks Online has the capability to import your transactions directly from your bank's site in order to make sure all transactions are accounted for in your books. I can provide some information about imported bank transactions.

The description for a bank transaction in QuickBooks is created by your financial institution when the transactions are sent to your QuickBooks account. Certain banks will have a more elaborate description, sometimes with a payee included in the text, others with a transaction number which you can use to look it up on your bank's site for more details. Perhaps some other QuickBooks users who have accounts connected to other financial institutions would be able to share the format in which their transfers appear in the Banking tab.

Have a great day.

@shane-mayet-ca 

What kind of intelligible information do you need? We have a virtual bank account at Wise to accept CAD payments from our clients in CA.

https://wise.prf.hn/l/64dl92k

We receive the following information in email and it match with all information in dashboard.

From, Amount received, Fee, Amount paid into balance, Reference, and Transfer Number

It supports QBSE/QBO and we may utilize the bank feeds. 

The description for a bank transaction in QuickBooks is created by your financial institution when the transactions are sent to your QuickBooks account.

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Yes, this is precisely the problem. BMO provides identical text for all transactions! That is the problem, I process contractor payments, expense payments, payroll and dividends via EFT and _all_ of them are annotated with "Ds Deft Settlement" There is no way to distinguish between them apart from the actual dollar amount! It's as bad as the old cheque writing experience, except worse since there are no corresponding cheque images and EFTs can span multiple payees (which seems to make QBO barf, but that's another issue). Even my statements have the same nonsense. My question is who provides better information? I'm guessing every other bank is better than BMO, but then again, I've not processed EFTs with any other institution.

I dont believe this issue is a QB problem, it is a problem with banks in general.  Because BMO cant specify a recipient's name you have to spend an enormous amount of time trying to figure out who these transfers went to.  Having said that, I have found that whoever has access to the bank account online can run an eTransfer history report which WILL show who the recipients are, I have to contact clients all the time to get the reports sent over.  Its not the best solution but its better than trying to match numberous transactions.  I feel your pain.

Were you able to figure out a way to change BMOs description on EFT payments on your statements..? I got the same issue