Reckon One Enhancements (19 May 2016)
Our Reckon One team have introduced a series of enhancements to our cloud solution Reckon One which are now live!
Reckon One now includes a Bank Reconciliation Report
Reporting > Report Centre > Advisor > Bank Reconciliation
Like other reports the bank reconciliation report has user role permissions. To access the roles area in Reckon One, click the Administration icon (the cog icon in the top right) > Users & roles > Roles
The report uses a single ‘As at’ date & the default date is As at today.
The report defaults to displaying both the summary section & the detail section. You can also specify to display the summary section only or the detail section only.
The column options apply to the detail section of the report.
The ‘Hide reconciled transactions’ option applies to the detail section of the report.
Each time you complete a reconciliation in Reckon One, the reconciliation period end date & closing reconciled balance for the bank account is captured. This information used in the summary section of the bank reconciliation report. The bank account list report shows the last reconciliation date & last reconciled balance for each bank account. The bank account list screen shows the last reconciled date for each bank account.
To complete a reconciliation, all the transactions within the reconciliation period need to be marked as reconciled before clicking the Finish reconciliation button. Upon completing a reconciliation you will be prompted regarding locking the bank account. Lock the bank account if you want to prevent edits on the reconciled period (recommended). You can set/edit/remove bank account lock dates outside of the reconciliation process by editing the bank account.
Reconciliation – example 1 (Jan 2016)
Reconciliation period end date: 31/01/2016
Closing reconciled balance: $10,300.00
Reconciliation – example 2 (Feb 2016)
Reconciliation period end date: 29/02/2016
Closing reconciled balance: $10,600.00
The bank reconciliation report on the left is dated as at 31/01/2016 which relates to reconciliation example 1
The bank reconciliation report on the right is dated as at 29/02/2016 which relates to reconciliation example 2
The summary section of the report shows:
1. The reconciled balance of the bank account for the last completed reconciliation prior to the report date specified
2. The balance of the reconciled receipts dated after the last completed reconciliation, to the report date specified
3. The balance of the reconciled payments dated after the last completed reconciliation, to the report date specified
4. The bank account balance for the report date specified, factoring in the reconciled receipts & reconciled payments
5. The balance of the unreconciled receipts dated after the last completed reconciliation, to the report date specified
6. The balance of the unreconciled payments dated after the last completed reconciliation, to the report date specified
7. The bank account balance for the report date specified, factoring in the unreconciled receipts & unreconciled payments
The detail section of the report shows:
- The transactions relating to the balance of reconciled receipts & the balance of reconciled payments shown in the summary section
- The transactions relating to the balance of unreconciled receipts & the balance of unreconciled payments shown in the summary section
Whether a transaction shows as reconciled or unreconciled in the bank reconciliation report depends on the cleared date associated to the transaction & the report date specified in bank reconciliation report.
- Transactions that have been marked as reconciled manually via the Allocated tab in the bank account (i.e. reconciliation screen) will have a cleared date set using the period end date specified in the reconciliation screen.
- Transactions that are imported into Reckon One are marked as reconciled automatically upon allocation. The cleared date for these transactions is set as their transaction date.
The payment list report & receipt list report in Reckon One shows transaction cleared dates. A cleared date column will be added to the detail section of the bank reconciliation report in a subsequent release.
The detail section of the report allows you to drill down on:
- The transaction type (receipt, payment, money transfer or general journal) to view the transaction
- The contact to view the contact record
- The transaction amount to view the transaction
When drilling down on reports in Reckon One, it’s a good idea to right mouse click the entry that you want to drill down into & select the option ‘Open link in New Tab’, this way you can keep the report open in the current browser tab.
The example below continues on from reconciliation example 1 (Jan 2016) & reconciliation example 2 (Feb 2016) above
March 2016 hasn’t yet been reconciled
- The report date specified is as at 31/03/2016
- The last reconciliation ending date prior to the report date was 29/02/2016 & the reconciled balance for this date is $10,600.00
In the scenario where you edit a previous (unlocked) reconciled period...
- Due to unreconciling an existing reconciled transaction within a reconciled period
- Due to adding a new unreconciled transaction within a reconciled period
1. March 2016 has been reconciled but not locked
2. The report date specified is as at 01/04/2016
3. The last reconciliation ending date prior to the report date was 31/03/2016 & the reconciled balance for this date is $10,735.00
4. The previously reconciled March 2016 period is later edited (due to the transaction dated 10/03/2016 being unreconciled)
5. The reconciliation report date specified is as at 01/04/2016
6. The last reconciliation date prior to the report date is now 09/03/2016 & the reconciled balance for this date is now $10,500.00 due to the edit
Payroll settings contains a ‘Display NAB warning’ checkbox option. When a new book is created with Payroll module enabled the option to ‘Display NAB warning’ is now checked by default.
In the previous update of Reckon One, the below warning message is displayed when you attempt to UNDO a pay run that includes a termination payment. The issue around Pay items for leave paid on termination has now been resolved. The warning message will be removed.