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Bank Feeds and Bank Recs Protocol

  • Associate
  • Practice Licence
  • 114 posts
  • # 115675

These days, naturally, more and more businesses are taking advantage of the automated bank feeds via the various software packages. I have found it rather surprising just how difficult it can be to convince some clients to move to this...

However, I was wondering what the protocol was when it comes to reconciling. Do members still obtain the original bank statements and check that the balance in (e.g.) Xero agrees with what's on the original bank statement? Or are these feeds designed to dispense with that procedure?

For myself, I've always been more comfortable with the blt and braces checking against the original statement . . but trying to explain to some people why you need the original bank statements when you have set up a bank feed isn't always easy . . .

  • Member PM.Dip
  • Practice Licence
  • 157 posts
  • # 115676

PhilCo said:

These days, naturally, more and more businesses are taking advantage of the automated bank feeds via the various software packages. I have found it rather surprising just how difficult it can be to convince some clients to move to this...

However, I was wondering what the protocol was when it comes to reconciling. Do members still obtain the original bank statements and check that the balance in (e.g.) Xero agrees with what's on the original bank statement? Or are these feeds designed to dispense with that procedure?

For myself, I've always been more comfortable with the blt and braces checking against the original statement . . but trying to explain to some people why you need the original bank statements when you have set up a bank feed isn't always easy . . .


 

My practice is Xero only, everyone is on bank feeds. The direct feeds are great, and very very rarely break. The non-direct feeds are potentially more troublesome.

I ask clients to donwload every qtr. a CSV statement rather than PDF statements. Just do a quick rec. and normally all fine.

Clients are fine with this and it works well.

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