What's New in Banking

We've listened to your feedback and implemented a new layout that will make it easier and more intuitive to ensure all the transactions on your bank statement are in Reckon One, and vice versa. Here's a summary of the key changes:

 

IMPROVED RECKON ONE TRANSACTIONS SCREEN

This screen now includes an account balance and a running balance, so you can easily match transactions against your bank statement at a glance.

TRANSACTION STATUSES

Three new transaction statuses - Uncleared, Cleared and Reconciled are introduced to Reckon One transactions to make the process more intuitive.

NEW RECONCILIATION PROCESS

We've simplified the reconciliation screen and added a Reconciliation Summary that displays the difference between your bank balance and bank account in Reckon One. Once your difference is $0.00, you're ready to finish reconciling for that period.

IMPROVED LAYOUT

We've added a new top menu and an additional side menu, so you can access everything you need in a click. 

 

 

 

Flexibility has also been increased to allow transactions in a locked account or period to be edited, as long as the linked bank account and total transaction amount remain the same, making it much easier to apply a quick change without the need to unlock the transaction.

Bank payments only available in AU books. Quick Coding only available to bank data module subscribers. 

 Important notes

  1. The bank account opening balance can only be modified when a) the bank account has no lock off date set or b) the bank has no reconciliations.

If the bank has 1 or more reconciliations, the bank account opening balance can not be modified. The opening balance field will be greyed out. There is also a tool tip explaining why you can't modify the opening balance.

 

 

  1. When undoing a reconciliation, Reckon One will set the bank account lock off to the statement date of the previous reconciliation.

If the reconciliation that you are undoing is the only reconciliation remaining on the bank account then the lock off date cannot be set to a previous reconciliation statement date, so the bank account lock off date is cleared when undoing the last remaining reconciliation of the bank.

  1. If a transaction has a status of reconciled then Reckon One will validate certain changes for these transactions, and:
  • stop you deleting the transaction and show validation to inform the user that the transaction is reconciled. The reconciliation which contains the transaction needs to be undone before the transaction can be deleted.
  • stop you changing the selected bank account on the transaction and show validation informing the user of this. The reconciliation which contains the transaction needs to be unreconciled before the bank account can be changed.
  • stop you from changing the transaction total and show validation to inform the user that the transaction is reconciled. The reconciliation which contains the transaction needs to be undone before the transaction total can be changed.
  1. Reconciliations need to be undone sequentially in descending order.
  2. A single transaction can't be unreconciled, the whole reconciliation needs to be undone.
  3. Reconciliations are saved using both the statement date and a reconciliation ID. The format being <Statement date> & <Reconciliation ID>.

 Example: 31 Oct 2018 RCN-0006

Each account starts from RCN-0001. These ID's are shown in the reconciliation reports, and unlike invoices using unique IDs, two bank accounts can have the same reconciliation ID, as it's the combination of the bank account and the reconciliation ID that identifies the unique reconciliation. 
  1. Undoing a reconciliation will change the transaction status from RECONCILED to CLEARED. 
  2. Undoing a reconciliation will delete the reconciliation ID. This ID will be reused on subsequent reconciliations to keep them sequential.
  3. Ticking a transaction in a draft reconciliation will update the transaction status from UNCLEARED to CLEARED.
  4. Unticking a transaction in a draft reconciliation will update the transaction status from CLEARED to UNCLEARED.
  5. The only way to modify a transactions reconciliation status (UNCLEARED, CLEARED or RECONCILED) is via the reconciliation detail page except if a transaction has a CLEARED status. If you modify the transaction total or the transaction bank account then that transaction status will change from CLEARED to UNCLEARED.
  6. The Reckon One Transactions page now has a running balance column. If this is sorted by any column other than date, the balance column is hidden as it will no longer be useful since the transactions won't be in a logical (running) order.
  7. A period can be reconciled with 1 or more transactions dated before the statement date being excluded from the reconciliation.
  8. A transaction in a reconciliation period is not date bound, meaning a reconciliation can include transactions dated outside of the reconciliation period. 


Need more help?

Ask the Reckon Community at: https://community.reckon.com/categories/reckonone

Or Log a Support Ticket: https://www.reckon.com/au/support/

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Bank Accounts - Reckon One

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