CODA

What is a CODA file? 

You can still receive the overview of transactions on a bank account on paper, but that is becoming more and more the exception. To process bank transactions smoothly in, for example, accounting software, these movements are available in the digital CODA format.

CODA - geCOdeerd DagAfschrift or CODed statement of Account - is an electronic file with extensive information about bank transactions on accounts (income/expenditure). It is a coded digital representation of the paper account statements and their attachments, but with much more detailed information.

The CODA format is only used for Belgian bank accounts. Some banks also convert transaction information from accounts at foreign banks into CODA files. Contact your bank to find out whether it offers this service. In Belgium, CODA is the interbank standard for digital account statements, drawn up by Febelfin (the Belgian federation of the financial sector). Thanks to this standardisation, CODA is also adapted to the SEPA requirements. That abbreviation stands for Single Euro Payments Area, a uniform payment method within Europe.

Why use CODA?

Thanks to CODA, there is no longer any need to check bank transactions on paper statements. By importing a CODA file into accounting software, the software immediately knows all movements on the account with information about amount, date, paying party, etc. Every movement on a bank account has its own identification, so it can be processed fully automatically, for example by linking it to a purchase or sales document. Matching payments against invoices thus happens fully automatically!

You request CODA files from your bank, which provides the service for a fee. Most banks charge a service fee for delivering CODA files. These rates vary from bank to bank.

CODA in onFact

onFact partner CodaBox is an intermediary that retrieves CODA files from your accounts and forwards them to onFact. That way, invoices can be matched automatically in onFact.

If you have downloaded CODA files from your own online banking environment yourself, you can also upload them manually in onFact. The files are processed and matched with purchase or sales documents in onFact.