Does Reckon business range support daily updating share investment related transactions

Amy_9656329
Amy_9656329 Member Posts: 6
edited September 2019 in Reckon Accounts (Desktop)

Hi

Just wondering can the Reckon business range support

  1. daily updating share investments transactions (dividends, buy/sell/ CGT reports)

  2. recording both business and personal expenses.

If yes, could you please recommend the best version to achieve the above needs?

Thanks for your help

Comments

  • Rav
    Rav Administrator, Reckon Staff Posts: 15,305 Community Manager Community Manager
    edited September 2019
    Welcome to the Reckon community Amy,

    The Business Range suite of products does not support share price download services however our Personal Range products Personal Plus and Home & Business do exactly that.

    I'd suggest checking out Reckon Home & Business here for info on its features and also a free 30 day trial to see if it suits your requirements - https://www.reckon.com/au/home-business/


    ℹ️ Stay up to date with important news & announcements for your Reckon software! Click HERE for more info.

  • Amy_9656329
    Amy_9656329 Member Posts: 6
    edited May 2018

    Thanks Rav

     Do Personal Plus or Home & business have a general journal function to enter end of year adjusting entries?

    If not, is there a product that is able to support both daily updating share investment related transactions and  making general journal entries?
  • Robyn Kelly (Partner)
    Robyn Kelly (Partner) Accredited Partner Posts: 473 Accredited Partner Accredited Partner
    edited May 2018
    Amy in H&B you could always create an account called "Accountant (or EOFY) Journals" and do transactions in there that you would normally do in a "journal" type format.  That's what I do when necessary.  This account should always balance out.
    Regards, Robyn Kelly
  • Amy_9656329
    Amy_9656329 Member Posts: 6
    edited May 2018
    Hi Robyn

    Thanks for your help. Would you mind if you explain more regarding how the Accountant Journals Account works? Do you mean to adjust H&B accounts one by one based on accountant's final accountants and then post the difference to the Accountant Journals Account  to achieve balance in H&B?


    Also, please see the picture below, which button should i click to post the EOFY Journals? 



    image
  • Robyn Kelly (Partner)
    Robyn Kelly (Partner) Accredited Partner Posts: 473 Accredited Partner Accredited Partner
    edited May 2018
    I mean in your chart of accounts make a "dummy" bank account.  Then on each line post the transaction you are wanting to post to increase or decrease and income or expense account.  Eventually after adding all transactions this account should end at $0.

    It is not a fantastic way to do YE journals but it does work for those wanting to do them.

    Also, in your screen shot above if you go to EDIT > CUSTOMISE TOOLBAR, over the right bottom click on SHOW > ICONS and TEXT.  Then on your toolbar you will see the word "ACCOUNT".  Click on that to create a new bank account and call it "ACCOUNTANT JOURNALS" or YE JOURNALS.

    Regards, Robyn Kelly
  • Amy_9656329
    Amy_9656329 Member Posts: 6
    edited May 2018
    Thank you so much for your help
  • Amy_9656329
    Amy_9656329 Member Posts: 6
    edited May 2018
    Hi Robyn

    Thanks again for sharing the "dummy" bank account idea to do accountant general journal entry. 

    Can we use the dummy account to adjust Equity accounts, such as share capital and dividends? if yes, could you please tell me more about how to make the adjustments?

     
  • Robyn Kelly (Partner)
    Robyn Kelly (Partner) Accredited Partner Posts: 473 Accredited Partner Accredited Partner
    edited May 2018
    Reckon Home & Business does not have "Equity" type accounts sorry Amy.  I usually ask the accountant if a "Liability or Asset" type of account will be OK for the sort of transactions you are suggesting and they usually adjust at year end as need be.  Depends on the accountant / tax agent.
    Regards, Robyn
  • Amy_9656329
    Amy_9656329 Member Posts: 6
    edited May 2018
    Thanks Robyn