Fast Coding for Reckon Hosted

jw_sbs5522

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

Acctd4

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! 😫