Invoices in MT940 format

Invoices in MT940 format

Recently, we have been requiring our customers to send their monthly bank statements in MT940 format as well. What is this format and why do we need it? In this short post, we will try to answer these questions.

Bank statements in the MT940 file format allow transaction information to be sent to financial and accounting systems. They provide time savings, reduce the risk of errors caused by handwritten entry of transactions into the system and ensure consistency of accounting data against bank statements.

Each MT940 statement consists of a header with the statement number and the opening balance, blocks containing individual operations and a footer containing the final and available balance (covering the current balance of the account including, inter alia, outstanding transactions and credit limits).

Statements in MT940 format are downloaded in almost the same way as traditional statements in PDF format, just by selecting the appropriate format at the time of file generation, i.e. MT940. Most banks in Poland have the capability to generate statements in this format, so obtaining them is not a problem either.