Bank Feed- Is it worth it?

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  • Updated 3 weeks 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 2 years 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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Pam

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This is good to hear Jason, as I find Reckon bank feeds very inefficient.  Maybe this is due to the amount of characters that can be used so if you are with the ANZ then just maybe it cant pick up the last lot of letters.  I find some of my bank feeds dont work no matter what I do, so it does not save me much time.  I will look forward to the new framework especially for Hosted and Desktop. I agree with John above am a great fan of Reckon and would love to continue using it, but it has to come with efficiency as well.  I would love to see Reckon go to the top of the pack again!  Is there any dates on the horizon? 
(Edited)
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Jason Hollis, Head of Product

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We'll have v1 for reckon one out before Christams Pam. 

** Note we actually fixed the characters this year however they didnt flow through as expected. The guys have addressed and it will be live next release. 
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Pam

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Thanks Jason! good to hear its close
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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. 
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Susan Vallis

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Can we please have an update on where we are at with bank feeds for Reckon Hosted?  Thinking of transitioning from Reckon Accounts Premier but if the bank feeds feature is not all that good we may not bother.
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ann barr

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I have been trying to get a bank feed issue resolved by the customer service team for over a week.  I can't login to Bankdata.  I have signed up and paid for the feeds but the customer service team have been giving me the run around all week.  They keep saying that it will be fixed but then don't bother to get back to me.  Very unsatisfactory and wasting a lot of time ringing them up and chasing up the issue with someone new each time then having to go through the whole process again.
(Edited)
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Rav, Community Manager

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Hi Ann,
Do you have a case number that you can give me and I'll have a chat with the team to see what's happening.

What's the latest info they've given you?
(Edited)
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Julie Feher

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Well Ditto!!!! And I never got a case number either or a follow up email. I had to instigate that myself. I was told it was being escalated....hhmmm and after 2 3/4 hours on the phone yesterday....still no resolution! 
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Julie Feher

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Has the Bank feed upgrade happened yet in Reckon Accounts?
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Rav, Community Manager

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Hi Julie,
I'm sorry to hear you've had a rough experience with this so far. I can see that the support team has indeed escalated your case to our BankData specialists and they've been in touch already to try get this sorted ASAP.

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