Fast Coding for Reckon Hosted

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jw_sbs5522
jw_sbs5522 Member Posts: 1
edited March 2023 in Accounts Hosted

I am about to purchase Reckon Hosted. the Fast Coding function is new to me. Are any Hosted users currently utilising FastCoding? Does it value add? ie is the Bank Reconciliation process improved? Does FastCoding reconcile customer payments per invoice?

Jan

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  • Acctd4
    Acctd4 Accredited Partner Posts: 3,589 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited March 2023
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    How many transactions do you have ?

    Personally, I don’t bother with Bankdata (which is the name of the bank feed process for fast coding) as I memorise most of my transactions so the majority (of my payments out) are auto-entered upon opening my company file, exactly how I want them ☺️

    It’s important to note that there’s a degree of configuration required in order for the bankfeed process to work correctly - You need to create “Rules” to determine how & where entries post eg You might set up allocation of all payments ‘out’ to “Officeworks” to post to your Stationery expense account. The problem with this is it can’t automatically recognise when it’s not ALL stationery ie You might purchase some cleaning products or tea/coffee from there also, so you may want to have that transaction split out across other expense accounts.

    This is even more problematic where mixed supplies (GST v GST-Free & business v private) are purchased in one transaction! 😫

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)