Bank Feed ? Is it going to make my life easier?

Matt Quigley
Matt Quigley Member Posts: 5
edited May 2020 in Accounts Hosted
We have been using Reckon Hosted for a number of years now. All this time we have been manually "receiving payments".
Is Bank Feed going to change my life by automatically allocating funds in my Bank Account to particular invoices? And, if so, what happens when a Bank Feed credit cannot be applied to any known invoice?
Thank you in advance, I'm just a lowly Swimming Pool Technician!

Comments

  • Matt Quigley
    Matt Quigley Member Posts: 5
    edited May 2020
    Is it a difficult task to download the qif file? and does reckon then match the credits with the invoices?
  • Matt Quigley
    Matt Quigley Member Posts: 5
    edited May 2020
    Told me once?
  • Acctd4
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited May 2020

    Some people find the bank feeds helpful but they still need to have the tax coding/accounts set up in order to allocate correctly which – depending on the number/complexity of transactions – can be even more time-consuming!

     

    Personally, I auto-Memorise as many transactions as possible so most of my entries are already in (& in my own preferred entry format!) 

    It also means they’re already coded & allocated correctly & I can still amend them if/when they change (eg if a monthly bank account fee increases).

     

     

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    shazinoz2@bigpond.com

    www.accounted4bs.com


    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!)