How to assign asset class to Cash (Bank accounts)?

david klumppdavid klumpp Member Posts: 29
edited November 2019 in Accounts Personal Range
I have Reckon Personal Plus 2018: my problem is:
Under the Investing tab/ Analysis/ Asset Allocation where one can set up and compare Actual with Target Allocations:
 I cannot get it to list my actual cash accounts (bank accounts) as an asset class. It only shows the Actual equity investments such as Australian & International shares. 
How do I get this section to show my cash accounts that are there? It does not work when I choose the Option Show accounts All, or the option Multiple accounts (where I can see and select my various cash bank accounts and share accounts)??
Please advise, what I need to do to get this going.
David Klumpp

Comments

  • Andrew ChristieAndrew Christie Member Posts: 160 ✭
    edited June 2019
    Hi David,
    See if this works for you. 
    Edit your account e.g. Bank Account and change location to 'Investing - Investment.
    (You can also do this via menu path Cash Flow > Cash Flow Accounts >  Account List > Manage Accounts TAB > Select your relevant 'cash'  account and change its group allocation)
    Go back to analysis and access 'Choose Securities' tick mark 'No Security (includes cash)
    Your bank account will now show up in the analysis.
    regards
    Andrew
  • david klumppdavid klumpp Member Posts: 29
    edited November 2019
    Hello Andrew, I sent you reply to this (on my mobile direct) but I can't see it here? Did you get that? Basically I already had done all those things you suggested, but no go! My cash accounts are situated under Investing.
    David
  • Andrew ChristieAndrew Christie Member Posts: 160 ✭
    edited October 2018
    Hi David, no didn't receive your reply. 
    Did you follow through on this part?
    image
    Choose securities
    image
    The cash accounts should show up in the 'allocation by account' section.

  • david klumppdavid klumpp Member Posts: 29
    edited October 2018
    Yes Andrew, I tried that, among other options: but if I tick solely the “no security-includes cash” option it merely takes everything away except the Target graph. I have to tick all the securities (with or without the No Security ticked) to get anything to appear as a graph under Actual. In other words “no security-cash” does nothing. It still has me puzzled?
  • Andrew ChristieAndrew Christie Member Posts: 160 ✭
    edited October 2018
    Hi David, I am the end of any useful(?) suggestions. I think the origin of the issue is how the account is set up in the beginning. I'm thinking that the 'bank' account needs to be set up as an 'Invest' type to begin with to be listed as you need. Not sure how that would affect the working of the account though. Perhaps a test account is worth considering and then hiding it after testing.

    Perhaps someone who has a deeper knowledge of the inner workings of the program can assist.

    All the best
    Andrew
  • david klumppdavid klumpp Member Posts: 29
    edited October 2018
    Thanks for all your efforts Andrew. My bank accounts in this section were set up, at the beginning, as Invest type. So the issue is some glitch in Reckon, not my setup. As you say, hope some Reckon official can advise me on a fix. Not something I lose sleep over, but annoying.
    Regards
    David
  • John KoensJohn Koens Member Posts: 3
    edited September 2019
    I have tried to change cash to bank in some of my accounts but am not able to do so even using David Klumpp suggestions

  • Andrew ChristieAndrew Christie Member Posts: 160 ✭
    edited September 2019
    Hi John

    If you are trying to change the 'account type' designation, this cannot be achieved. It is a non-editable field once you have set up the account.  Viz...



    The only adjustment can be the accounts 'location' in so far as its reporting / ledger location.  You have a number of options available, see following

    In David's situation he wanted to be able to report his cash accounts in a different reporting class. Unfortunately for him his cash accounts were set up as account type 'invest' and the program does not allow for the account's location to be anywhere but 'investment'. (I didn't realise that his cash accounts had been set up as 'invest' until his last comment.)

    See below ...


    Not sure why the location options for investment accounts were made so limited. As David suggests, perhaps a shortcoming in its design.

    I hope this helps

    Andrew
  • John KoensJohn Koens Member Posts: 3
    edited September 2019
    Thank you very much Andrew.  Can you tell me why some accounts can be 'reconciled' via the button, yet some accounts can only be 'updated'.  I thought it may have been related to cash versus bank but evidently this is not so. Cheers,
    John
  • Andrew ChristieAndrew Christie Member Posts: 160 ✭
    edited September 2019
    Hi John

    Yup, here goes my explanation...

    Accounts designated as 'bank' are generally held at a financial institution which by law should provide a regular statement of transactions. These should be reconciled against the the account holder's own records therefore the facility is provided by the program to do just that. There may also be a need to present reconciled accounts (say at tax tme).

    A 'cash' type account is generally managed only by the account holder and the amount of actual cash held (in the pocket) is compared to the program's account balance. Any discrepancy is 'adjusted'.

    A bank account is more formalised than a general cash account.

    This help any?

    Andrew
  • John KoensJohn Koens Member Posts: 3
    edited September 2019
    Your explanation sounds reasonable, however I do not understand why Reckon decides for the customer to allocate reconcile or update balance without giving prior explanation. John
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