I would like to suggest a couple of features in Bank Reconciliation that can be really useful:
Number 1: To display the difference between “Net movement in the Closing balances pannel” and the “Net movement in the end of the Transactions list”. It would help a lot to see what the difference is. And will be easier when you finish to check everything but the ammounts doesn’t match. I think this will be easy for you to make.
Number 2: Will be great if we could click on transactions to mark them as cleared. In this way is easier to check with bank statement transactions one by one without losing the train of thoughts.
An example of this will be the following image I took from QuickBooks bank reconciliation module:
A mix of the 2 feature request also will be great when you have the closing balance and the creared balance and the difference between them as in the following image:
I think it will be helpful for every one. I have Cloud version of Manager for a companny and QB for other company. This module in QB really rocks.
The reason why difference is not shown is to encourage people to reconcile properly. Too often people would just make dummy transaction with the amount representing a difference and call it a day. If you are reconciling honestly, you don’t need to see the difference.
How many times people would see a difference of a few cents or a few dollars and would consider that immaterial by creating manually dummy transaction.
Quickbooks does reconciliation for the whole period at once. Manager does it on daily basis. Quickbooks method is only good for short statements. If you are reconciling a bank account with hundreds of transactions, Manager method is superior. This is because Manager will try to break down periods into smaller possible units and will make you reconcile them independently. In Quickbooks, you are meant to tick off a lot of transactions for the whole period and hope the difference comes to zero (which usually it won’t if you have big complicated statement).
If you think Quickbooks reconciliation is better, then I assume you don’t have many bank transactions. As I said, Quickbooks method works well only on small amount.
I feel this answer is not appropriate one. I feel a little bit offended. I do reconciliation honestly and till the last cent. But let´s pass this page.
I think the difference is useful to have an idea of the amount of money is missing in transactions. If I’m aware of my business, probably I can infer what’s missing just seen the difference. I bet some people, like me, do the difference manually and spend some seconds every time. Will be a time saver to me to have this difference on screen.
I’m not trying to put Manager in a position lower than QB, instead I’m trying to make Manager better by itself by telling you guys my opinion. Would be like to have the best of the two systems combined.
I think I didn’t make myself clear. I think the “break down periods into smaller” is better than QB. I have noticed that splitting the periods of time helps me a lot.
What I’m asking for is independent of the size of the period to evaluate. The thing is, would be great to have something on the screen that can help me avoid losing the thread. That’s it.
Just imagine, in the period set by manager after a few break downs, you could check what is cleared against bank statement in the same screen. I will love it.
I must be missing something here, but I cannot find and do my bank reconciliation as I used to a month ago, has it been removed. I see we can still import statements.
