Importing bank statements in Reckon Accounts Premium 2015

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Graham Taylor Automotives
Graham Taylor Automotives Member Posts: 41
edited September 2018 in Reckon Accounts (Desktop)
I have Accounts premium 2015. I appear to have the capability to import my bank statements, However when I look at my ANZ bank to activate the only option is Reckon One or Intuit Quickbooks. I don't have Reckon One but is this the one I choose, or cannot I not do this even though my Reckon has the import function?

Also is this service a paid subscription service and I need to set up Reckon Bankdata and pay to import my statements, or is this different? 

Thank you

Jayne

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  • Reckon FAQs
    Reckon FAQs Reckon Staff Posts: 357 Reckon Staff
    edited March 2017
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    Hi Jayne,

    Thanks for asking.

    There are two ways to get your bank statement into Reckon products - a manual import of your exported bank statement, or a subscription to BankData which makes the data available to you quicker.

    The manual process requires you to export a list of transactions from your bank internet site into a QIF or CSV file (Reckon Accounts can only handle a QIF file while Reckon One can do both).

    The BankData subscription organises a direct feed to your bank account.  In Reckon Accounts you still have to pull down your transactions through just a couple of clicks, but in Reckon One these transactions will be available to you immediately you open your Book.

    Just last week we started a new service with the ANZ bank, whereby the lengthy paper based process of completing a bank authority and waiting a couple of weeks for the bank to authorise it, was augmented with an online signup option.  This option is only available for Reckon One users for the time being and will in time be rolled out to Reckon Accounts users.  

    This online method requires no additional forms and an approval should be given within 3-5 business days.  

    For more details on the ANZ online signup see the post: Adding an Australian ANZ account to Reckon One Bankdata just got easier.

    For a guide on manually importing a bank statement to Reckon Accounts Hosted, see: How do I import my bank statement into Accounts Hosted? 
    and a video guide at: Importing your bank statement into Reckon Accounts Hosted.

    To sign up for Reckon Accounts BankData go to bankdata.reckon.com, click on Activate and follow the prompts.

    Hope this explains your bank statement options for Reckon products.


    regards,
    John
  • Graham Taylor Automotives
    Graham Taylor Automotives Member Posts: 41
    edited September 2016
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    Hi John,

    Thanks so much for the clarification.

    I have been doing this manually each day and to be honest we don't have so much bank activity that I can't do this manually in less then a half hour anyway. The previous people who ran this business never set up expenses for bank fees and other business expenses so this has given me to opportunity to go through and create those items as I have seen them come up on the bank statement. 

    I have seen the video and read about hosted. I just wasn't sure if it were the same for Accounts Premier. Thank you for confirming that I can continue this process manually and without further fees.

    I will have a read of that ANZ link and keep my eye out for when this becomes available for my product so that I can start reconciling against the statement from within Reckon. 

    Regards,
    Jayne
  • Reckon FAQs
    Reckon FAQs Reckon Staff Posts: 357 Reckon Staff
    edited March 2017
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    Hi Jayne,

    Premier (2 user), formerly known as Pro, is one of the editions of the Reckon Accounts Business series which also include EasyStart, Accounting, Plus, Premier (5 user), Enterprise and Hosted.  The guide for importing bank statements was made specifically for Reckon Accounts Hosted but the steps are the same for Premier - except there is no need to upload your bank statement file (qif) to Hosted.   


    regards,
    John
  • [Deleted User]
    [Deleted User] Posts: 39
    edited September 2016
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    Hi ,

    We use Reckon Accounts Premier 2015.

    I have found this conversation and believe it applies to my situation as l am looking for an "upload bank statement option".Our company has a business credit card with approximately 70-80 business transactions on it. At present this is the process l undertake:

    Step 1. Record all the transactions on a spreadsheet first on a weekly basis. The spreadsheet includes the date, supplier, amount, tax (which are all taken from the bank statement), and also includes general ledger account number, description, job number (which l gather from receipts signed off by card users). These are all the details l need to be able to process these into Reckon.

    Step 2. Enter all the individual transactions into Reckon from the spreadsheet. Entering these can take a day. For items l am still awaiting details for, l process to a suspense general ledger account.

    It is step 2 that is so time consuming. Am l able to either upload my excel spreadsheet or have the transactions uploaded into Reckon directly from the bank statement as per the instructions in the previous post and then allocate the transactions in a separate step.

    Please advise. l look forward to your response.

    Thanks

    Vicky



  • Graham Taylor Automotives
    Graham Taylor Automotives Member Posts: 41
    edited September 2016
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    Hi Vicky,

    Is there any reason you cannot enter your invoices directly to Reckon to being with, Same as you would any other invoice? It sounds like there is a lot of double handling of the same information. 

    You can set up jobs and accounts in reckon and apply that job or customer to the invoice at the time of entry. Depending on the type of business you are running I find raising Purchase orders first easier because then it is already 'applied' once you enter the invoice, you can check pricing etc and if done correctly takes about a minute to enter the invoice. 

    If you have a credit card expense account which is set up like a bank account when you use the 'Pay Bills' you simple select this account for where they are being paid from. When you receive your statement all you need to do is open up the credit card account in the chart of accounts and reconcile, adding in any card fees or interest accrued which should be set up as a bank or interest expense item. 

    If you are entering invoices on a daily basis your work should be nearly cut in half. If you raise a job order or a purchase order which can be for a supplier or a debtor you will be able to track which orders or jobs have been filled and which ones haven't. depending on your work load you can decide how often you need to run a report and follow up on these. 

    If you have all of the accounts set up you can run most reports you need at any time which solves your spreadsheet concern. You can also check your credit card account balance any time and see what has been paid, accounted for etc. 

    When I first started here people had any number of books and spreadsheets trying to keep track of orders, jobs, invoices, etc it was a mess..I'm sure yours isn't but once I tidied up Reckon set up bank and expense account and started using the data program correctly life has become 100x easier and I can find and track anything I need. 

    I'm not sure about credit card statements but I know there is a bank feeds or bank data option to upload your statement from your online banking, however I believe this is more for reconciliation rather then entry of specific transactions. I could be wrong and I'm sure Reckon will correct me if I am, but that is how I would use that function.

    I hope this helps. I can run you through my process if you think you will find it helpful. 

    Cheers,
    Jayne


  • cosmic
    cosmic Reckon Developer Partner Posts: 1,085 ✭✭✭
    edited September 2018
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    hi Vicky, there are many ways to do this, it depends how much automation you like to achieve.
    Bank feeds are handy feature, i like to know more on use of spreadsheet. How many supplier bills do you have to process? more than 3000 . We have an AMP subidiary brings about 4000 customer invoices and supplier from outside into RA all automated, we can also do PO . if you wish to discuss further give us as call .

    chandra@cosmicinnovations.com
    02 95411338, 040708942



    Cosmic Accounting Group

    Accountants and Tax Agents 22397009

  • [Deleted User]
    [Deleted User] Posts: 39
    edited September 2015
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    Hi Jayne,

    These credit card transactions (purchases), l treat separate to invoices and accounts payable. They are credit card purchases associated with travel ie taxi's, accom, flights, meals, etc etc. All l get is a receipt which l don't typically get until a week or so after the purchase. I enter these transactions using the credit card charges entry screen.

    Thanks

    Vicky


  • [Deleted User]
    [Deleted User] Posts: 39
    edited September 2015
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    Hi Chandra,

    Please read my response to Jayne. What we pay on the credit card are not supplier "bills".

    What l was hoping for is a solution to have the credit card statement uploaded into Reckon to then process the imported data (each of the 80 transactions) as separate "credit card charges". It's that simple.

    Maybe l should be asking the question in a different: how do companies process the payments on their credit card statement where there is no invoice, just receipts?

    Thanks

    Vicky


  • cosmic
    cosmic Reckon Developer Partner Posts: 1,085 ✭✭✭
    edited September 2018
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    ok, i will be able to get you some solution to this, i will come back to you soon.
    please make a note of my phone contact or my email.

    Cosmic Accounting Group

    Accountants and Tax Agents 22397009

  • Reckon FAQs
    Reckon FAQs Reckon Staff Posts: 357 Reckon Staff
    edited March 2017
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    Hi Vicky,

    Transaction Rules were introduced in the 2015 version, so now imported transactions will be checked for Transaction Rules and secondly by Matching (according to amounts and then dates); the rest will need to be imported individually.  

    These processes will reduce the amount of input you will need to do, but how much will depend on how complex your entries need to be and whether they can be easily reduced to a consistent rule, or easily identified from other transactions.     

    regards,
    John