Midwestone statements are monthly statements that detail the activity on an account over the past month. They document account activity such as money deposited, withdrawn, spent, or moved. For personal accounts, these statements show all the activity done on an account. For business accounts, accountants or financial analysts use these statements for record keeping or activity review.
People use statements to check balances, verify transactions, or document income and expenses. They are also used by lenders, landlords, and auditors as part of the financial verification process. Since they are provided directly by the bank, they are considered to be true.
Midwestone statements are normally provided as PDF files. The format saves the design of the document, so it will look the same on every computer and operating system. This can make it difficult to access and process the information in the document.
When data is presented in a set document format, sorting, totaling, or trend analysis over multiple months becomes nearly impossible. Therefore, many people take their Midwestone statements and convert them to spreadsheets, like Excel or CSV files. Financial data in spreadsheets is more easily filtered, organized, and analyzed.
The Importance of Midwestone Statements
Midwestone statements document account activity over predetermined timeframes. While the statement format may differ from bank to bank, the essential features of a statement tend to be the same across all banks.
About the information present in the bank statements, we can identify six elements, which include
- Starting the adjustments with the balance in the account at the beginning of the period of the statement
- The money that has been received in the account from deposits or transfers
- The money that has been withdrawn from the account through payments
- The specific date of the transaction and what the transaction was for
- A record of any service fees associated with the account
- The remaining balance at the end of the period of the statement
This list of items represents the tracking of the flow of funds through the accounts, and in regard to the item statements, each one describes what went down with funds at the account and outlines the money that moved for what describes the record (order) and what is the account statement.
There are certain account holder privacy statements for accounts, monitoring spending habits, and in cases of charge monitoring or fraud detection. Statements can identify things like payments for subscriptions or transfers. They can also identify duplicate payments and transfers that can otherwise go unnoticed and be lost.
If account statements are relied on for financial record keeping by businesses and self-employed persons, internal statements are also relied on by accountants for cross-checking the internal statements against the bank account statements in order to reconcile the books. This is done to enable the preparation of financial statements that represent the financial status or position of the organization accurately.
Because bank statements show the activity in the account, they are one of the most accepted documents that prove the financial state of the account holder. They are also widely accepted documents to prove an account holder’s financial state when securing a loan, renting a place, or showing financial state reliability.
The Challenges of PDF Bank Statements
The issues with bank statements provided in the PDF format begin with how PDF files work. A PDF file holds the data in a way that preserves its appearance in order to make it portable. However, this method of data storage does not lend itself to the data organization, calculation, or analysis that interests the financial analyst.
When storing a PDF version of a bank statement with Midwestone, the statement acts more like a picture of the information instead of a selectable or workable data set. So while a human reader may be able to easily read the information, a computer is not able to access the transaction data due to the way the file is structured.
The difficulties do not end there o, owing to the limitations that the format creates. Attempting to analyze or track spending habits or trends over multiple months of transaction history is possible, but overly tedious due to the limitations imposed not only by the PDF document itself, but also by the software application in use. Within a PDF, sorting transactions is impossible, whether that be by date or amount. Furthermore, in the process of copying information out of the PDF document and into another application, the formatting is usually disrupted, and numerous manual adjustments are needed to restore the desired layout.
The issues are compounded when scanned images of bank statements are supplied in addition to PDFs that contain data. Instead of working with data, software that attempts to work with images ends up attempting to work with an image of a document, and the software loses access to the transaction information.
The more PDFs there are to process, the more tedious and more likely manual work will result in mistakes. In the end, the more practical option may be to analyze the expenses that a bank statement describes by first converting the statement into an editable spreadsheet and then analyzing the statement.
Benefits of converting a Midwestone statement from PDF to Excel
Excel and CSV formats are ideal for working with structured data. For each row of the table corresponding to each transaction, Excel places the individual components of the transaction – date, description, and number – into their respective columns.
When compared to a PDF statement, Excel worksheets provide immense value by offering additional ways to manipulate and perform transaction analyses. For example, transactions can be analyzed for their chronological order, analyzed and classified by category, and transactions can be analyzed by the level of activity and filtered to evaluate only certain transactions.
Formulas in Excel can also be utilized to evaluate the total of a set of transactions applicable to a user. For instance, a business owner can evaluate their operating expenses by month, and individuals can evaluate their transaction amounts in a given time period for varying categories that may include groceries, transport, and subscriptions.
For the purposes of managing multiple statements as a unified dataset, Excel also affords a greater level of flexibility and simplicity as compared to a PDF statement. When the transactions of multiple Excel statements are aggregated in a single spreadsheet, establishing patterns is more accessible. This is also true for determining repetitive payments, determining payments that are dependent on the time of year (seasonally dependent payments), and determining payments that are made with unusual frequencies (irregular payments).
When working within the general area of spreadsheets, structured data in a spreadsheet also makes spreadsheet data easier to use in the data reconciliation process. It is easy to match the data in a spreadsheet that represents bank transactions with invoice records, receipt records, or bookkeeping records in the rows and columns of a structured spreadsheet.
Downloading Bank Statements with MidWestOne
Downloading a bank statement with MidWestOne usually involves a similar process to downloading bank statements with other banking apps. However, the process is generally simple, and the steps may be different based on the bank’s website.
Follow the steps below to complete the bank statement download process.
- Use the secured network to log into your Online Banking with MidWestOne Bank.
- Go to the specific bank account you want the statement for.
- Go to the statements or documents section.
- Choose the statement for the specified duration you want to download.
- The statement is usually a PDF file, so download it.
- Use a secure storage location on your device for the PDF file.
- Then, check the document to ensure it contains all the statement pages you need.
Many clients have a preference for downloading statements on mobile devices rather than desktop devices. However, the easily downloadable statement should reflect the statement that was filed with the bank. Regardless of the device used, the statement’s PDF should reflect the statement that was optionally filed with the bank.
Common Problems When Downloading Statements From MidWestOne
Most of the time d, downloading your statements from MidWestOne is easy, though several issues arise from time to time.
The most common is a session timeout, which is where the online banking system automatically signs the user out after a certain period of time to protect user privacy. This is common when a user is viewing and downloading older statements. Once the user gets logged out, they have to log back in again.
Another problem is users not finding older statements in their history. This is because older statements are not always available to users because of their banking system policies. In such cases, customers have to request older statements when they are not in their online history.
Downloading statements is also not as easy on mobile devices. Statements can usually be viewed on the mobile banking app. However, downloading statements and managing files is much easier on a computer.
An unstable internet connection can also cause issues when downloading statements. This can cause the statements to be downloaded in an incomplete state or may cause the statements to be downloaded in a corrupted state, which means that users are unable to view the downloaded statements. Users can check whether the file is intact and readable after completing the download by opening the file.
Let us look at the security issues and concerns regarding the MidWestOne statements
Because MidWestOne statements contain sensitive information like history of transactions and balances, they will have to be treated and stored with care.
In every situation where the computer allows it, Folders and files will have to be kept in password-protected files on the computer. It is advisable to use a password-protected method to share files with other professionals in finance, and to use a method of sharing files that is held to be secure in order to share statements that have been stored in a cloud service.
It would also be prudent to reduce the number of copies that are stored on the various devices. It is true that maintaining good order of files is a good way to reduce the possibility of accidentally making available financial documents that are outdated or that are not needed.
In general, the original files of the statements will have to be kept and not changed. The original files are the authentic documents generated by the bank, and in order to establish to the financial institution that they are true, the documents will be needed.
When copies of files are made for the purposes of work and the analysis of that information that is contained in the files, it should be the goal in order to limit the amount of sensitive financial information that is sensitive to be exposed.
Converted Midwestone Statements
A Midwestone statement can be simply converted into a spreadsheet format, which can easily be manipulated to analyze and organize the information. Converted statements are used to easily identify trends or categorize spending. When the data is in a spreadsheet format, it is simple to identify ongoing charges and large one-time charges.
Professional independents and freelancers commonly utilize converted statements to log and cross-check new payments against issued invoices. This approach is useful in capturing and reliably documenting all payments received.
In bookkeeping and reconciliation, structured bank data is a critical input. Accounting departments balance their books by cross-checking them against bank records. For this purpose, statement conversion may improve efficiency and reduce the chances of error.
Date-specific bank statements may also aid in support of financial statements, tax returns, and other documents. Well-structured statements help expedite the review of bank transactions when financial records are requested by the credit provider or the auditor.
Why the Structured Spreadsheet Data System Enhances the Financial Situation
The financial situation may be determined by the accessibility of the data. Systematized data in a spreadsheet speaks of instant access to not only the data but also sorting, filtering, and summarizing functions. Irregular transactions are easily identifiable, and financial data can be compared over time when it is organized. Organized data also expedites the discovery of specific payments and the filtering of transactions.
With spreadsheets, users can consolidate multiple Midwestone statements into one working file. This helps them analyze data regarding spending or income over long periods. The original PDF statements may carry more weight as official records, but spreadsheets are more useful as working documents for financial analysis.
Frequently Asked Questions Regarding Midwestone Statements
How far back do Midwestone statements go?
How long statements show up online would depend on the policies of the bank and the type of account. Most banks show statements online for a few months or years at a time. You can search through multiple years of statements through online banking.
Are Midwestone statements typically PDFs?
Most statements are PDFs. They are easier for the banks to distribute since all clients will have the same layout, and the document can be printed and stored easily.
Can you download statements on the mobile banking app?
Typically, you can access statements on the mobile banking app; however, many people prefer to do their banking and document management through their desktop.
Why can’t you edit PDF statements?
Documents in PDF format cannot be easily edited. The information is not organized in a manner that allows for easy sorting or filtering.
Is it safe to convert a Midwestone statement?
As long as the right tools are used and the connections are not compromised. Financial documents should be secured on your end and should not be exposed in any way on unprotected networks.
How do I convert a statement from Midwestone to Excel?
A conversion tool looks at the statement from the PDF, and the tool extracts the data from the PDF statement. The data is placed into an organized spreadsheet. Each transaction takes up one row in the spreadsheet.
What sets apart an Excel file from a CSV file?
Files in Excel are able to do more advanced things, such as having a format, having formulas, and having a file with a chart. CSV files are more straightforward and are files with a table of data. They are easier to upload into an accounting system or a different program.
Can you convert a personal and a business statement?
Yes, you can. The process is generally the same in the conversion technique used, whether the account is personal or business.
Is it a good idea to have the converted files replace the original statements?
No, it is not a good idea. Generally, the original PDF statements are kept because the statements are the documents that are the legal proof of the financial record that the bank issued.
When simplified statements are converted, can they assist during an audit or during taxes?
While preparing taxes or during an audit, the financial documents that are prepared officially are rarely used, so simplified documents that are converted don’t help at all.
Final remarks
A statement from Midwestone is an official document that showcases a breakdown of the financial activity in the account. No matter what, the documents are valuable to all people and companies, businesses, accountants, and financial institutions, as they review the financial history.Although PDF documents provide a trustworthy way to keep and share official records, their unchangeable format presents problems for thorough analysis. In cases where transaction data needs to be organized or analyzed, converting a Midwestone statement to Excel or CSV format is beneficial.
Budgets, bookkeeping, reconciliations, and financial reviews can be made easier through the use of flexible spreadsheets to organize, sort, filter, and summarize the data.
Original PDF statements are official and should be kept even if a spreadsheet version is created for analysis. Organizing structured data for financial analysis and maintaining secure records can improve the overall management of financial data.