Average daily balance (giacenza media) necessary for italian taxes

It’s certainly much easier for Revolut to provide this (hello data driven company)
than by using their weird csv export which does not even have ISO dates…

Usually, a company entering a market caters to the (essential) needs of the users to attract them.

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@DeXeD
Am I seeing this correctly that additionally to the export sheet the start/end date as well as balance before the first transaction is needed?

The average balance then could be determined with the “balance” column. That non-ISO date might still cause issues.

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Can I ask why you need all of your transactions? Surely to work out an average daily balance you would just need… your balance, once a day, at its highest

Does this change the substance of my post? You should manually add 300+ entries on a xls file created on purpose.

Why do I need to do that? You’re not being very clear :grimacing: or maybe I’m missing something?

I guess you are missing that there are sometimes multiple transaction per day and sometimes none, in which case the closing balance of prior dates must be used (which could also be from a previous year). In addition, their statement itself is a joke as they are not using a standardized date format. Plus you have to do it for every account/currency, 7 times in my case.

I would say it is certainly doable for someone with some programming or excel skills, but even then it is very inconvenient and takes at least an hour to get right in all cases. For everyone else it is a major PITA, and Revolut could easily just provide a more detailed export.

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I don’t know what there is to discuss about this. The Italian tax office wants that information and Revolut does not provide an easy way to do so and so the Italian customers are asking Revolut for help.

End of story.

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Tbh, this whole thread is more a case for a standardised account statement format. Then calculations like this across multiple accounts would be trivial - it would just need a simple bit of software.

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How much is an automated service for this worth to an Italian? :thinking:

Not enough to get each bank to write it into their software.

I’m saying there may very well be someone on the forums who would make it as a subscription kind of deal

Yes, I also - like all italians - need this functionality. Of course it can be done with a spreadsheet, but it is indeed a PITA. I really hope that Revolut will enable this function within April 2020.

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Monese has just done this in the latest update for everyone living in Italy.

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What about multiple accounts and average daily balance? Any suggestions?

Hi all, I’ve made a little script in bash for calculating the Italian Giacenza Media Annua. Download it here.

It’s a bash script, you can run it on any major operating system (check this page for Windows).

It is based on 2 assumptions:

  1. Dates are in English and have one of the following formats: ISO 8601; RFC 5322; RFC 3339. For instance, valid dates are: 24 Jul 2019, 2020-07-24.
  2. Numbers only have the decimal dot. For instance, “3.120,49” is not valid, while “3120.49” is valid.

These requirements are met by the UK version of the Revolut app. I don’t know if switching to English language produces them. Otherwise, just edit your CSV accordingly.

I hope this helps.

I would suggest Revolut to only use ISO 8601 dates and only one decimal point for numbers with a fractional part.

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Any news about this? I mean an official document like done by N26 and many other banks?

I’m Italian too.
@lcpz thanks for the script. Just a question is a valid output for the ISEE/tax declaration?

Yes, the aim is to produce the required value for the Italian ISEE declaration.

In the end, we are talking about calculating a weighted average mean.

Thanks @lcpz I used your script ,all right.
In the chat they answered me that is not available an official document right now. Maybe in the future, let’s see.
To be honest in my case was quite easy because almost all the time the amount was 1€ :sweat_smile:

Anyway if I’ll have enough time I’ll try to create a similar simple script or webapp to calculate the average daily balance for Revolut and maybe other cards. In another programming language.
With input csv or maybe, can be intersting, using the API if available

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