Bank Feed- Is it worth it?

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  • Updated 3 months ago
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Hi there. Have been a reckon user for over 10 years. There are many great features and Im a great fan. However.... It may just be me, but I cannot see how the bank feed feature actually saves any time or provides any advantages. Because only the Payee is imported and the reference and Description are left out for the majority of transactions I have no idea what the transaction is. Is this a user issue? (would not surprise me) or is this a software issue?
The same applies to bank rules. Limited use?
Is there likely to be an upgrade one day that makes this area more user friendly. (Please excuse my blasphemy but something akin to Xero would make Reckon unstoppable)
If it is an obvious user issue then happy to be guided. 
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john

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Posted 1 year ago

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Jason Hollis, Head of Product

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Hi John, as a long time user you would know we are working with source code originally from our US partner, so unfortunately the guys have done the best they can within that framework.

That said, we are indeed currently working on an entirely new bank feed / rules / matching process. It will be firstly rolled into Reckon One and then our plan is to introduce the same tech to Accounts Hosted and then Accounts Desktop (of course Hosted and One are easier as they are already in the cloud), but desktop is definitely in the plans. 
(Edited)
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john

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Thanks Jason. Yes would be good to see this because as Pam says, the current offering does not really provide any efficiency. In fact it doesnt even work for me as only having the Payee show make sit impossible to tell what the transaction is in many circumstances without having a bank statement to refer to. Looking forward to the updated version. 
That's good news! When will the new version ready for Reckon Hosted? I've purchasedthe bank feed for 1 year last may, and haven't really been able to use it at all, so I just enter the transactions manually like I've always done. Bit of a waste of money I had my hopes on this I was looking forward to saving time, so it is indeed a bit of a let down. I have started thinking of changing to another system such as quickbooks.. . Any time frame for Reckon Hosted? 
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Jason Hollis, Head of Product

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The first cut is done, so I would think we will move on to the hosted integration pretty early next year. We need need to ensure it is a pleasurable experience for the user so that is where the team will focus.

As a side note, I myself only started using bank feeds in hosted for my parents business late last year. In the beginning I couldn't see immediate value, however now - once I took the time to set it up properly - it saves me at least 30 - 60 mins per bank rec. Well worth the $5 we pay per month.

Philomein if you would like to contact me via community@reckon.com I would be happy to discuss your requirements (in terms of the types of transactions you enter) and share with you my experience; what works well, and what is best left to manual entry. 

Regards,
Jason
Bank feed still not worth it.  It still only brings in a memo, it doesn't give you a figure to reconcile to, and you still have to reconcile manually by getting the closing balance from the bank.

The description doesn't come into the deposit side as it only puts it on the memo line and not against the account memo.

So explain again how the bank feed saves time.
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Jason Hollis, Head of Product

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We have an announcement on bank feeds next month which will make an impact on this discussion. 

In addition, we have had technical hurdles to overcome to add a modern rules engine to hosted, however we are over the hard stuff and are fairly confident a new interface will make next years release. 

As for not being worth it, it is a matter of circumstance. As I noted we saved 30-60 mins for our business, so that far outweighed the cost. That won't be the same for everyone though based on requirements. 

** The reconciliation process is separate, and the current bank feed is meant as a matching / auto-transaction creation tool, not a reconciliation tool. I hope that clarifies.