No Bank account Reconciliation function in SF360. Is that correct?

I am used to using accounts software which includes a Bank Reconciliation function and Report. SF360 does not seem to include the same. I can understand that it is a bit redundant with bank feeds but feeds are not available for some banks.
Graham

Simple Fund 360 has access to several direct feeds through the BGL Bank Data Service, to review the supported banks check out the link below.

https://360help.com.au/display/doc/Supported+Banks+-+BGL+Bank+Data+Service

Note that BGL will have access to 95 banks (including Suncorp and uBank) and building societies through bankstatements.com.au, integration available soon in Simple Fund 360. You can also upload a PDF of your client’s bank statements with JetConvert and they will convert these into a CSV file for you to upload into Simple Fund 360

At this stage, there is no Bank Account Reconciliation page in SF360. However, you will be able to use a number of reports to reconcile the Bank Balance with what is presented in the ledger. Check out the Bank Statement Report.

https://360help.com.au/display/doc/Bank+Statement+Report

Also worth checking out the Balance Review Screen.

https://360help.com.au/display/SF360GS/Balance+Review

Hope that helps

Anthony

Thanks for the reply. I was already aware of and using all those features.
I take you response as confirming that there is no Back Reconciliation function in SF360.

I understand what you have said about performing a Reconciliation manually from a print of the Bank Report, but it is not quite the same has having it integrated into the software.

SF360 undoubtedly has a great and well integrated set of features, but the lack of a Bank Reconciliation function would seem to be a “missing” from what I have understood as standard Bookkeeping practice and have expected from Accounting software.

Possibly the Bank Reconciliation function and process is an anachronism now with bank feeds and with internet banking with direct deposits and with no delay gaps between transactions and the bank account (such as used to be the case with cheques).

What think others?

Its hard to imagine a smsf having unpresented cheques and deposits not banked in the electronic age. I have had a transfer between banks where the date on one statement was 30th June and 1st July on the other. It happened just once in 18 years and was no problem for the auditor.

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Thanks @Anthony - that is excellent news. Do you know if this bank feed access will be treated the same as BGL Bank Data Service or will there be an additional charge? eg. If a client already has the BGL Bank Data Service activated for another account, will there be any additional cost to link their remaining Suncorp or Building Society bank account via bankstatements.com.au?

Christine

Hi @Christine, yes this feature will be included in the BGL Bank Data Service price at no extra cost

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Further to this, we still have clients using cheques will there be some function in BGL to record un-presented cheques? Our auditors have raised this issue with again, as our financials are misstated when these are not included.

Further this has been an issue when winding up funds and we are still drawing cheques to be sent to rollover funds!

Please advise if there will ever be a un-presented functionality?

Thank you