HSBC - Hexagon

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:25AM in AAT student discussion
Does anyone here use Hexagon from HSBC to pay their suppliers?

If so can you tell me if you had to buy the software to use it from the bank? How much was it? And do you know how much it costs per transaction made?

The reason I ask is that I'm having no end of trouble getting the information from the bank!

Thanks,
Sarah.

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HSBC - Hexagon


    I have used Hexagon before with two of my past employers. First one some body from Hexagon came and installed the software and trained me how to use it this was a while ago then is did cost for the software I think it was more for the training part. Companies after that used Barclays and Lloyds. But my previous employment I introduced them to Hexagon the bank sent me the software disc and I installed it my self and it did not cost anything for the software. I can't remember what the transactions cost but I know it is a lot cheaper that chqs but I do know directors/signatures have to sign the relevant paperwork and a daily limit has to be set for the value of transations. But that is something that all the banks insist on whether you use HSBC Hexangon, Barclay, LLoyds lloyds link or Natwest which I can'nt remember what the call their's. I have used all of them and they are much the same. For the cost of transactions with some banks their cost vary with each customer.

    When I wanted to introduce my previous compamy to hexagon I got the bank to send me a demo disc and the did with all the figures I needed to put forward to the directors but that was three years ago. Speak to your bank tell them you are thinking of using hexagon and ask if they can send you a demo disc.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HSBC - Hexagon

    Thank you Kiwi. That is really helpful. I'll give the bank a call.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HSBC - Hexagon

    Hi

    We have Hexagon, but have just 'moved' to HSBC.net. This is a similar facility except that it is all done online on the internet.

    Neil
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HSBC - Hexagon

    Oh I've not heard of that one!

    Is it better than hexagon then?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HSBC - Hexagon

    Just had a look at hsbcnet. Its looks a bit too complex for a small family business like mine :shock:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HSBC - Hexagon

    Hi

    Its actually used for the same things as Hexagon - payments, statements etc. The difference is that Hexagon is actual software you run on you computer and send/receive payment instructions and information.

    I belive Hexagon is no longer being offered, and HSBC.net is the new equivalent.

    Neil
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HSBC - Hexagon

    Hi Neil,

    Yes are right. I've taken a look at HSBC.net and it is the new equivalent. Hexagon is to be faded out by 2007 so I'll have to get my head around all the HSBC.net blurb I've just printed out :?

    Looks complicated!
    Sarah.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HSBC - Hexagon

    Hi Sarah

    we use HSBC.net in work (NHS Trust) it's easy to use. We do the banking every morning, it's just like doing personal banking over the internet, only set up with authorisors who have to authorise each transaction request (ie. BACS/CHAPS/transfers) so as long as you have internet access it's great.

    You get a 'smart card' reader plugged into your computer and each authoriser gets a 'smart card' and PIN number to use, it's quite safe and limits fraud (we have some difficulty with the smartcard reader as we have to re-install it every day - but i think this is more to do with our cr*p computers rather than bad software...)

    You can have multiple bank accounts linked, which makes things a lot easier, we have eight different business accounts with HSBC, so transfers between accounts is easy. You can also download the daily statements for each account (as CSV files) and convert it to Excel, which makes the bank recs easy too.

    I get to do the banking most days, you'd be fine with it (if i can do it anyone can!!). dunno how much it costs, but i think internet banking is the way to go!! :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HSBC - Hexagon

    Hi Star

    Two things:

    1) how do you down load the statement in csv format?

    2) do you know how to organise the payment templates alphabetically?

    Thanks
    Neil
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HSBC - Hexagon

    Thanks Star thats really helpful!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HSBC - Hexagon

    Hi Neil

    1) You go into 'Reports and Files' tab ('Reports and Files Download') and it lists the things you can download. The ones you will want are 'Consolidated Statement - End of Day (CSV)' click on the download link at the end and it will download the day before's transactions for all bank account listed (say the date is 22/4/06 it will give you transactions of the day before ie.21/4/06)
    Save it as a CSV file, then just open it in Excel, and save as an excel file. There is a lot of information not needed, so we just delete most columns, just saving the account name, one date column, transaction type (heading XACTTYPE), amount (FIELDAMOUN), details (TEXTLINE 1), textline 3 gives the name of the payee of CHAPS/BACS.
    Be warned though, you can only get up to a month's details with HSBCnet. so you have do download as you go otherwise you'll lose this info electronically!

    2) We don't really use the payment templates. We use BACS/CHAPS with HSBCnet only to pay salary advances to staff, and do BACS/CHAPS to our other high interest accounts externally. We have BACS runs through Oracle to pay all our invoices/creditors. I can take a look in work tho when i'm not busy next week (was v. busy this week!!) :D

    Hope this was a help Neil, and Sarah.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HSBC - Hexagon

    Hi

    Thanks for that Star :D

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