On login, go to your bank account “Bank Transactions”. See the below.
Background: now that we have the bank feed / import of transactions within the R1 nominated bank account we need to transfer these amounts into the correct bank account from the clearing accounts.
A clearing account is just a holding account, where we park the transactions until you are ready to move them to the right accounts.
Better Bookings and Reckon One uses Clearing Accounts for you to manage your money in / money out and to make reconciliation easy.
We need to transfer the money out of the Clearing Accounts into actual bank accounts.
There are 2 parts – we now have an accurate journal of what you took yesterday including payments and income by revenue stream (product type).
What we need to do is look at the bank feeds that have come in overnight, and move the individual bank feed items to the appropriate clearing account to match them off so all of your accounts reconcile.
Start the steps:
- Before you get started we’ve already sent across a Manual Journal to your Reckon One account which includes the payment amounts you accepted & revenue by item for the day before the Journal Date added to your Reckon One account. DON'T DELETE your journal as we need this to ensure your accounts balance etc as future reference.
- Once the journal is added to Reckon One, you don’t need to do anything with it. Reckon One uses this information to help streamline your recon, BAS requirements and financial reporting.
- Go to BANKING > BANK TRANSACTIONS
- Look at the ‘Description’ within each row on the Bank Transactions. E.g. ‘EFTPOS MERCH SETTLEMENT’ You will need to know this so we can make sure we move the correct deposit from the bank account to the correct clearing account.
- Click ‘Allocate Transfer’ within the row you want to reconcile. Then go to the ACCOUNT dropdown in the same row and select the Clearing Account you want to match the bank feed/transaction item to. In this example we are transferring/matching the $447 EFTPOS money in deposit to the ‘EFTPOS MERCH SETTLEMENTS’ Clearing Account (you can see that in the ACCOUNTS dropdown below).
6. Once you have selected your Clearing account, click ‘ACCEPT’ (green button).
7. After you have ACCEPTED the transaction transfer the item and row will be removed from the Bank Transactions listing and will go to the Reckon One transactions tab. You will see that the transfer has been made and the money $447 has a status of ‘CLEARED’. Cleared means that you’re happy the transactions within Reckon One matches what is on your bank statement.
8. Once you do this for all items on your bank transactions listing screen, you will see a blank screen with no remaining items. Note you will also have other bank feed items like electricity bills, parking, wages etc. Anything you have paid from this bank account would appear on this screen and would be the same as your bank statements. This includes any interest received or bank transfers you do from other accounts.
9. Note: in some instances not all your merchant settlements might come across to your bank account for the day before (Merchant Terminal cut off times, settlement times, transactions gone wrong with the bank). In this case there will be a difference between the bank feed amount and the amount you see in the journal from Better Bookings. Just transfer the amount you receive from the bank feed and leave the difference against your clearing account. You can add that difference amount to your next transfer or when the money finally arrives in your bank account.
10. At this stage you have now mapped all of your bank transactions, well done.
11. The next step is to reconcile your account.
12. NOTE – explain to the user what the tab ‘Reckon Transactions’ is. This is where you will see all transactions that have allocated to the correct income/expense/asset/liability accounts.
13. Go to Reconciliation
14. Click START RECON, you will go to the screen below. The transactions that you moved from your Bank Feeds to your accounts will be shown here as reconciled.
15. Once you have done the steps above, make sure you go back to your CLEARING ACCOUNTS to confirm they have a $0 balance. This means they are cleared and everything is accounted for.
16. Once you are done, click ‘Finish Reconciliation’
17. See your financial reporting – see below for P&L. Your revenue by income stream as mapped on your setup is below.