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  • bunq ZeroFX complicates/breaks accounting

Just found this topic about Moneybird, sorry for not responding earlier. We have received a number of questions about ZeroFX and the Moneybird integration through our regular support channels. We understand that having multiple transactions for one transaction is not ideal. Unfortunately, we cannot change anything about this at this stage.

For a bookkeeping to be correct, we need to have all transactions of a bank account. To achieve this, we use the /payments endpoint to fetch all transactions. When bunq reports three transactions for a creditcard transaction (instead of one), we will store these in your bookkeeping to make sure you have all information on your bookkeeping. Only storing one transaction is not possible, because this cripples your bookkeeping and can cause issues with the final balance and checks your bookkeeper needs to do.

We have provided bunq with feedback about the implications ZeroFX has on bookkeepings and are waiting for a solution from them. Using other API endpoints is not an option at this stage. Let's wait for an answer from bunq! In the mean time, you can register the payments to the same invoice. The final paid amount will correspond with the final transaction and includes the correct exchange rate differences.

    For what it's worth MoneyMoney handles it the same, with a refund and a new transaction with the adjusted amount

      it's not just moneybird this also applies to all other software that integrate the api with bunq, as has been correctly pointed out earlier in this thread. Also, any transaction statements exported from one of your bunq accounts to either .csv or .mt940 format (for manual import into book-keeping software) also have these 3 transactions for any foreign-currency payments done with bunq ZeroFX™.

      However, the pdf-export doesn't seem to have been affected, it only lists 1 transaction for a foreign-currency payment.

        6 days later

        Hi all!

        Just to place a note from us: we're aware of the issue that with the introduction of ZeroFX, multiple transactions are shown per card payment in your bookkeeping integration.

        In a (technical) nutshell: this is done because the transaction itself is 'updated' in realtime after the final settlement with MasterCard. In essence bookkeeping integrations handled the change correctly (always reflecting what is happening on your account), but we're aware that the end result is suboptimal from an accounting perspective.

        We are currently working on it - as soon as we roll anything out we'll update you right here. 🙌🏻

          20 days later

          Hi,

          Any news on the ZeroFX multiple transaction issue? This really really really sucks! It costs me more (time) to fix the administration than I save with ZeroFX. My administration in Moneybird is a mess now since ZeroFX.

          Can Bunq please give some priority for this issue?

          Thanks!

            9 days later

            No news from the side of Moneybird, we are also still waiting for bunq to solve this issue.

              5 days later

              @Djoeri#54760 Do you already know when this update is coming?

                6 days later

                @AdOrbit#60123 100% agree! It's takes lots of time! I rather pay the transaction costs than the increased time for administrative. Any news on this issue? Or is it solved already?

                  17 days later

                  @Raul-Cyan-Lion-3476404034#71261 Sorry, maar deze "oplossing" is gewoon gênant.

                    @Raul-Cyan-Lion-3476404034#71261 Hallelujah! I rather pay a littlebit more (without zerofx). Time to fix the administration is money too :-€

                    Thanks for the update!

                      a month later

                      Any news on a real fix? The same mess is still happening in Moneybird .. The extra money i have to pay a bookkeeper to handle the transaction mess is not the worth they money I save with ZeroFX.

                        @Freedom-Infinity-Lifestyle-Red-Panther#84061 If that is the case you can now disable the Zero FX feature to prevent the issue

                          24 days later

                          well the solution would be for the bookkeeping software such as exact, informer etc to use the api card endpoint something or other as those only communicate 1 transaction even for transactions in another currency. i'm not sure of the specifics but this should be possible, without needing to turn zerofx off

                            @dollar#90183 yes excellent suggestion, though it is up to companies behind the products exact online, informer, afas, money bird or whatever else bookkeeping or accounting software to implement it this way.

                              3 months later

                              Would it be possible to mark the ‘reservations’ as “Reserved for ZeroFX”? It clutters MoneyBird a lot. MoneyBird Support sends us to Bunq, and Bunq sends us back.

                                5 months later

                                @dollar#90183 True but sometimes I get a refund after a week after I already finished my transaction and have to unlink payments again and fix it which makes it really annoying.

                                  @Djoeri#54760 Are there any updates? My transactions are still a mess with refunds I get sometimes 1 week after payment.

                                    Please solve this issue. Payments are still a mess because of ZeroFX