New Bank Reconciliation Process
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on May 13, 2011
Bank reconciliations in KashFlow have always been a contentious point amongst accountants that use our accounting software.
There’s no option to save a reconciliation at a point in time or a number of other options accountants are used to.
Instead you choose a date range and the system shows you all transactions – you then tick those that have appeared on your bank statement and use the numbers and calculations provided on screen to help find any discrepancies. This works well for many, but not for all.
We recently added a new way of reconciling bank accounts that’s more in line with what accountants are used to and what you’d see in products like QuickBooks.
How to Enable It
As from today all new users will default to the new method. As always, we wont change anything for existing users. But if you want to enable it yourself then go to Settings -> Advanced Settings and enable the option at the bottom of the page. The option is labelled “Split Screen Bank Reconciliation”
It’s safe to enable this to see what the fuss is all about and then switch back if you don’t like it.
The Difference
Rather than one list of all transactions you instead have two separate lists – one for money in, another for money out.
You can save your bank reconciliation session to return to it later, or to later view/check it if it’s complete.
It’s important to note that when you first use the new method of reconciling your account, it will tell you that you’ve not previously reconciled the account – regardless of what you have or haven’t ticked as reconciled using the old method. However, any transactions you’ve marked as reconciled in the old system wont show in the new system (they don’t need to, you’ve already reconciled them)
There is lots of on-screen help throughout that should answer any questions you have, but don’t hesitate to email the support team if you have any questions.
14 Responses to New Bank Reconciliation Process
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Yes. Give it a go and let us know via support email if you need anything on it tweaking further.
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Just a note to say my long standing account had the setting ticked for me – luckily I read the update before I was confused!
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@Tim – yep, you caught us out.
There were a few existing accounts that had the new setting applied. Now sorted.
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How do you exit and save a partial reconciliation – I used the “Leave” option and had to start again on my return?
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“leave” should do it.
If you’re having problems with it, email support with your username and the date/account for the reconciliation so we can try and recreate the issue and resolve it.
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Solstice Nurseries
Tried it, but have switched back as none of the transfers from our Clearing transactions account were marked as having been reconciled in our current account. (when the definitely had been). Just made a nonsense of the reconciliation.
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That’s because we changed the way bank transfers are reconciled. It used to be that it if was reconciled in one account, it automatically reconciled in the other – which is wrong. They’re now reconciled independently.
If you want us to update your account so all of your bank transfers that are reconciled in one account are also done in the other, email support with your username and mention you’ve spoken top me and we’ll get it done for you.
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I also have problems with transfers between accounts, they don’t even show up on the list of unticked items. I haven’t reconciled either side of the transfer.
After spending 2 hours trying to get an opening balance that I can start from by changing the bank rec dates on the settings screen I have given up. I have 2 uncleared cheques that date back 3 months but don’t want to go back that far and have to reconcile the entire bank again but if I start from 1st May date where I was up to on the old method the 2 cheques do not appear.
Any ideas?
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Jan Conijn
Tried it and I am happy with the newly gained functionality!
Very easy to use and after fixing the “bug”, I can honestly say a big improvement.
For those who did not like it initially, I strongly recommend to give it another go!Many thanks; I look forward to the next improvement,
Jan
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Elliott
I’ve just tried the new recon screen but it’s won’t let me change the opening balance (the balance is the original opening balance), so the recon says I still have £7,000+ to clear so can not save it.
Just spent an hour doing the recon and upon switching back to the old method I find I have to start again.
I’m not happy.
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I hesitate to contact support as it is so hard to explain the problem in an email, it is one of those things you need to talk through with someone, during a previous error that was going back and forwards via email I asked for a phone conversation and was told no, and so gave up.
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See what all the fuss is about
Is it now also possible to print the reconciliation without having to print the whole page you seen on screen?