Bank Reconciliation Software

[Budweiser]

Does anyone use Reconciliation Software? Any thoughts and recommendations, does it work or is the old way still the best?


We use Sage-line 50 accounting software.

[jammy-git]

I use Xero and have always found bank reconciliation pretty easy using it.

[Mammasaid]

jammy-git said:

I use Xero and have always found bank reconciliation pretty easy using it.

+1 for Xero, my wife uses it, and even she finds it straightforward and she's a graphic designer!

[KevinCamaroSS]

If you have an extremely high volume of transactions you could look at something like Blackline, a specialist software for reconciling accounts.

www.blackline.com

[HRH2009]

I found bank reconciliation much quicker on Sage once I moved doing it entirely on the keyboard. ie moving the cursor with the arrow keys and highlighting with the space bar.

You may well be doing this already, in which case ignore my post!

[DaveH23]

Budweiser said:

Does anyone use Reconciliation Software? Any thoughts and recommendations, does it work or is the old way still the best?


We use Sage-line 50 accounting software.

Set up bank feeds. Free and easy to use in Sage 50.

[48k]

jammy-git said:

I use Xero and have always found bank reconciliation pretty easy using it.

+2 for Xero

Very easy to set up bank feeds and automated reconciliations and there is a slick yet simple interface to manually reconcile the mismatches. Some nice touches too, for example if there is a foreign currency transaction it automatically gets the historic FX rate from that day.

That said, if there is an upgrade/way to do it in your existing package surely that is easier than moving to whole new accounts package?

[a1topdog]

I'm a one man band and use freeagent. Very easy to import bank statements and reconcile them.

[Budweiser]

Thanks for all the suggestions guys, very helpful.

[worsy]

+3 xero

[PistonBroker]

+4 Xero

[w1bbles]

+5 Xero. But if you're enabling bank feeds I would read your bank's Ts & Cs carefully to understand what the consequences are of handing your login details to a third party. It's not a problem if your bank provides Xero feeds, but some Xero feeds rely on 3rd party interfaces and I have never been brave enough to enable them. We once suffered fraudulent activity on our business account and had >£100k removed in a few chunks. It was all subsequently refunded by Barclays but I dread to think what would have happened if they had discovered that we had provided our details to a third party. We hadn't, although we had thought about a third party feed service - luckily we had decided the risks were too great.

[jamoor]

I think they use apis etc rather than your login details so your money should be safe surely?

[w1bbles]

Have a google of Yodlee risks and make your own mind up. If your bank provides feeds, that's a different proposition to using a third party. YMMV etc.