Bank Data

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  • Updated 2 years ago
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If I use the Bank Data Module and it imports all our transactions directly from the bank, do I need to manually enter the invoices and receipts I have into Reckon? I scan them and keep them but do I need to put them into Reckon or is it double handling? Thanks
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Mandy

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Posted 2 years ago

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Kevin Russell, Accredited Partner

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You still need to enter the invoices and reciepts and the bills and the payments
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Mandy

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Ok thanks Kevin. Do you know why when I do a reconciliation and look at the new transactions that the bank data has brought over, that it does not connect the information that I have already put in with the new information from the bank?
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John G, Information Support Analyst

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Hi Mandy,

Welcome to the Reckon Community.

When you import transactions from BankData you have a choice of adding the transactions as a new transaction or matching it to an existing entry to avoid doubling up on the transaction. 

Reckon One will automatically check BankData transactions for matches (shown with a yellow box outline) and offer them to you which you can accept.  Further matches can be found through Transaction Rules (shown with a green box outline).  

If the new transaction is a payment of an invoice not yet recorded in the Book then you should use Allocate receipt function so that you can immediately assign it to the correct invoice.  Transaction Rules will only allow you to assign the receipt to a Customer; you will then need to "pay" the invoice with the "customer credit" created by the Transaction Rule entry to have the invoice marked as Paid.    

If the invoice has not yet been entered into the Book, then you have a choice how to process it - you should speak to your Accountant for the best way to handle this situation in your circumstances.  

Generally, if you report GST on a Cash basis, and tracking invoices to individual customers is not a concern, then you can add it as a Receive Money transaction - you can still associate it with a customer and include all the details, all in one transaction.  If you are reporting on an Accrual basis, then you will need separate entries for the invoice (which you will have to enter manually) and its payment.

Hope this helps.


regards,
John
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Mandy

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Hi John

Thank you for your reply. I am extremely new to this and I am having a real problem with reconciliation. I entered all of my receipts and payments by entering bills. I enter them without making a payment even though I don't enter bills until they are paid as I don't like to enter with a receipt. The end of the month has come by and I have gone to reconcile. My bank statement finishes on June 2 so I have changed my dates to match this and entered my closing balance. I can manually compare the printed bank statement to Reckon and I know that all of the transactions, transfers, payments etc are all there. However, when I go to the NEW Tab on the reconciliation, it sees all transactions and I select Allocate Payment and select the option to Allocate a detail payment. I then allocate it to the bill that I have entered as the payment from the bank matches my bill that I have entered. I did this for all my transaction to June 2 and then went back to the ALLOCATED tab and every single one of my transactions was doubled up. Next to the ones I had just allocated, was Unreconcile as my matching obviously reconciled, next to the entries of bills that I had entered was reconcile. All I can think to do is enter the payments on each of the bills separately and then ignore all the bank data new transactions and do a manual check and reconcile.  


I am stumped. I am not sure who to ask so I appreciate your assistance if you have any more guidance. 


Mandy
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John G, Information Support Analyst

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Hello Mandy,

Please ring Technical Support on 1300 756663 for one to one assistance on this matter.  

regards,
John