How can I set up a recurring payment - eg. the Reckon Monthly fee $? I do not import bank statements from any software.
Yes, I'd like to know if setting up recurring Bills/payments is possible too. I also don't import bank statements either...I have never bothered as I have receipts that I enter manually as some are cash payments and wouldn't show up in a bank statement anyway.0
Hahahaha. Yes, It's a dying thing but as a Truck Driver, we are often in places that have minimums set for EFT machines so cash is King. And Obviously its another thing that's not big on Reckon's list of things to implement.
We all pay many indentical bills every month, Mobile phones, Internet, Bank fees, Rent, etc Or Invoices that we send out to the same client for the same amount every month.
But Reckon must feel that its not worth implementing recurring Bills or Invoices as it appears to have been a topic that's been asked by many over the last 4 years.0
With no Sign of either things happening any time soon
Hi Jade & Donna,
Yes we're certainly aware that recurring transactions is a highly sought after piece of functionality that will be a welcome addition for Reckon One users. We wanted to have this available last year however for various reasons we've had to push it back on the roadmap.
We're aiming to have this introduced into Reckon One by year's end and I can see there is already a feature suggestion for it in Reckon Ideas which is proving popular in terms of the number of votes.
I'd recommend adding your votes to it as well as ideas/suggestions that prove popular as voted by users form the basis of future updates to the program.
Where is that to be found as I am new to this community and have not heard of reckon Ideas... I am assuming if I click on the reckon ideas word above that it should take me to that area?0
Oh my god! The whole program is tedious. I have moved all my clients who use Reckon over to MYOB. This really is a primitive program and if you don't keep up with the requirements of time poor and quick entry concepts, you will not be competitive. I have 140 transactions to do for a sale of property and I am dreading it in this software without Recurring transactions. Not to mention the room for error! Jade, transfer to MYOB and cut your data entering time in 1/2.
I can't even get the Reckon file directory to print to a choice of printers or save to my real desktop! What the hell is that?0
Still waiting for recurring bills here too, status is now planned but "Reckon's roadmap is full" is the official answer...
Not everyone wants/can add bank account sync into Reckon One.
Recurring payments are great but they don't add the corresponding bill to match, so every month they have to be manually created.
Annoying as virtually every other piece of accounting software has this feature...0
You should look at a desktop version of Reckon or even Reckon Hosted, price is comparable to MYOB I think. You can memorise most things, cheques, bills, invoices. I have always thought Reckon to be very user friendly, and have trained many people in the past very successfully, however I have only used the Payroll Version of Reckon One so can’t compare0
A desktop variant has other complications that don't suit us. Cloud based is the way to go for our businesses (multiple). We are evaluating MYOB, Xero and Freshbooks now to migrate.
Like everything else about Reckon One and would like to keep using it but doing things manually is annoying. Its 2021 😂0
Reckon hosted is cloud based and you can download a 30 day trial version0
Yes, but we don't need a full enterprise suite for our businesses, nor do we need to pay ~750 a year for it vs Reckon One
Reckon One is perfect for us, just the manual bills every month is annoying.
Appreciate the advice though, thank you :)1
Yes I agree the price is high, but so are the prices for Xero, not sure about the others these days. I hope you can find something satisfactory to all your needs and cost0
Check out the recurring transactions function in Reckon One, in particular the recurring payments feature. There's more detailed info on it here including how to set it up and customise it to your use case -0
I have used Reckon One web based, Reckon desktop, Quick Books, Xero and MYOB.
You will not regret not sticking with Reckon (all versions).0
Hi @Rav, when I tested the recurring payments feature, it seemed that it will indeed add a payment, but it will not auto create the corresponding bill to lodge the payment against - that part still has to be done manually. That is the feature people want - the recurring bills part, to go with the payments.
Or have I got that wrong?
Please let me know0
Thanks for your advice @Jenine David , which in your opinion has you found the best?0
I am an avid MYOB advocate which also has an almost exact web-browser based version released late last year. Needs some tweaks but equally good.
I don't mind Xero for smaller volume organisations but it seems to me, if you are currently using Reckon, you probably have a high volume data and Xero would also be tedious for you as it is not very sophisticated. Accountants love it because they can lodge with the press of a button but for high volume entries, allocations, matching, rules, batch/ABA bank bulk payments, MYOB is the way to go.
God the other day, I needed to enter a refund with GST in Reckon (not a customer deposit). The GST open isn't even in the bank register receive money option. I was advised by Reckon tech team that I had to create an actual "journal" in order to capture the GST on it and I am using the latest version. I mean really???0
If it’s just a refund to a customer and you are not entering an adjustment note you could simply enter a cheque and post to the income account that was used in the original sale using tax code GST. A journal to do this is also an easy option. Debit income account using GST tax code and credit the bank account0
Hi @Kris_Williams , its for things like the regular monthly Reckon charge. I should be able to create a recurring bill for this as its always the same amount. We have a lot of these types of expenses but recurring payments (as I understand it) dont auto-create the bill to match the payment.
I just dont like having to do manual things on something that should be quite simple to automate.
Can we automate journal entries?1
But you don’t need to enter bills for all expenses, just memorise the cheque payable to Reckon for Software expense0
Hi @Jenine David , wow that sounds like a nightmare!!
Yes we are a transactional company with a decent number of recurring transactions (bills and invoices), and we dont have admin staff as it should be possible to automate the things we need to do.
I'll make sure we add some weight to our MYOB testing to see if thats a good fit, appreciate your experience, thank you.1
This is what I have been doing for over 20 years, not a nightmare at all0
With all due respect, just because you have been using this program for years and you don't think it is a nightmare, does not make it an efficient program. I have used many different accounting programs; MYOB, Arrow, SAP, Xero, the old QuickBooks and the new Quickbooks web based, Reckon ONE and Reckon desktop. I stand by my opinion and choice.0
ok thanks @Kris_Williams I will try to find that feature in Reckon One.
I am not an accountant (or even close) just a busy business owner, I didnt realise there was a way to memorise transactions in Reckon One.
Appreciate your advice will try find that now. Is it just called "memorise transaction" or something?0
I appreciate your right to your opinion, I just can’t appreciate your problem, every company is different and they all have different requirements. But entering a bill and then having to pay a bill is 2 steps, even if you memorise them. Entering a cheque and memorising it is only one step. I’m just missing your exact requirement0
According to Rav’s earlier post it may be called recurring transactions0
Hi, OK we receive a lot of paper invoices each month, for the same exact amount. What I do is setup an automatic payment in my bank (nothing to do with Reckon One) to pay these automatically.
What I want to do, is enter something in Reckon One that is a recurring something, which will create a new taxable expense each month (or a memorised one), and add the payment I have already made to that expense. Automatically. Every month. On the same day. Easy?
I couldnt find how to memorise a transaction in Reckon One...Reckon Hosted mentioned something about memorised transactions though
If each expense isnt created as a taxable expense, then at the end of each month at GST time, I have to manually create all the expenses to match all of the invoices I have received, which is what I am doing now and missing my old platform where that was simple.0
OK Recurring Transactions in Reckon One are good for:
- automatically sending our customers an invoice from us each month, adding this as a taxable income.
- automatically adding a payment to our supplier each month
BUT, the supplier payments do not create a matching taxable expense (from our paper invoices we receive), so I have to manually make them each month, even though they are the same amount each month (like the Reckon charges)0
Please give me a call if possible, much easier to discuss options. 04159408430
Ok from what I can see I might have given you a bum steer and I understand your dilemma. It may be that only payment of bills can be set as recurring payments and not cheques for ordinary expenses that don’t need a bill entered. I am used to Reckon Hosted and desktop and did not realise the limitations. I’m very sorry I have nothing else that I am qualified to suggest but I know there are people out there who use and know Reckon One inside out. Again sorry0
Just got back on to say thank you very much for that! Its after 8PM here so I have to spend time with the family otherwise they never see me ha :D
Are you in Australia? I am in New Zealand. I will be back on tomorrow night if that suits you.
Thats a lovely offer thanks0
Thanks Kris, it looks like the only recurring feature in Reckon One for expenses is just payments. There is no way to create new expenses each month, and have those expenses entered and associated with those payments.
If the invoices came in as PDFs I imagine Reckon One could automatically add them as expenses and then maybe I could associate the payments I make each month to those PDFs automatically (maybe, I dont actually know)
For now I will evaluate MYOB and maybe a Reckon One expert can chime in and let me know if my understanding is correct or not, or if there is a better way to do it.
I freely admit to being unfamiliar with accounting systems, and hence I dont know what I dont know, if you get what I mean...
Really appreciate your efforts thanks so much :)0
I am in Sydney and am happy for you to call me tomorrow, I will investigate further and see if there is a way to do what I was suggesting0
If I have understood what you need correctly, MYOB can auto create reoccurring invoices or quick transactions like "spend money" or "receive money" on a specific date that you wish. You create one with appropriate information and you save it as a reoccurring transaction. Set the frequency, I.e weekly, monthly, fortnightly etc and it will create it automatically.
Even easier is creating a bank feed rule to allocate the payment to that specific supplier bill or income to a specific customer.
If you don't need to enter an actual bill, just create a bank feed rule with the supplier details, the general ledger account and a menu description and it will automatically allocate it. You just click "approve" in the bank feed. Super easy.0
Any update to this in the last 3 years? Still cant create a recurring payment which generates a corresponding expense entry...0
We do not use the bank linking feature, so have no qif files.
In Reckon One under recurring transactions, there are invoices, payments and receipts.
If I create a recurring payment, it makes a payment, but there is no entry in the journal under expenses to match that payment, so therefore no business expense or tax expense has been created.
Or has this now been changed?0
There haven't been any changes to the Recurring Transactions functionality for Reckon One since my last post in this thread in April.
At this stage I don't have any word on any further dev work on this functionality in the near future however if the refinement that you've highlighted is something important to your workflow I'd recommend that you raise a feature request for it at https://ideas.reckon.com/0
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