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Pegasus Opera
A good number of years ago, I care not to remember how many, Pegasus Opera had a really good electronic cashbook that was really easy to use. The problem was that people were reluctant to take it up and many banks didn't support it. As a consequence, when Pegasus released Opera II, the electronic cashbook was dropped.
With the movement forward in the use of xml and other automated technology I can see that it might not be long before there is an interest in the "new" option.
It certainly made life easier when it came to doing the bank reconcilliation but, as with manual reconcilliations, it couldn't automatically cope with the odd occassion when someone took cheque/cash receipts to the bank on two seperate days but only posted them onto the software with one date, or vice-versa. I can only assume that, with the wide use of BACS/electronic transfer, this problem will reduce to the point that it won't really be a problem.
If other people start doing it, I hope Pegasus will bring back the electronic cashbook and make more training work for us to charge for but lessen the chance of human error.
Electronic Cashbooks
Works perfectly well in Australia and New Zealand so why wouldn't it work here !!
Electronic cash Book
I believe that the electronic cashbook would be a good idea, subject to applying the same rigourous controls to the system that pertain in the manual system; i.e reconciliation.
Banks have been known to make errors, and when they do, they can be collossal.
Get the description right
I think it is important to describe it as what it really is, as we already have electronic cash books. What this article talks about is using the bank statement as a prime entry source, which is a completely different thing. Calling it an electronic cash book makes it sound far more innocuous than it really is, and gives no idea of the risks it brings.
Having said that, I would love to be able to import my bank statements, either into a bank rec function or directly into a suspense account, for subsequent analysis.
Its not about whether it works or not
The big questisn is do the users WANT it?
In the TurboCASH Accounting project, We have these facilities available for sometime now, the users seem reluctant to take it up. I think what happens is that inside the industry we see this as a great new innovation - but it can simply be tehnology for technology's sake. Unbeleivably the users seem happy to plod on they way they are.
Kinda of like paying software licences. While free and open source accounting software exists, an industry has been built around selling software. What else would most integrators do if they did not sell software licences. Similarly what else would bookkeers do if they did not capture transactions. Ridiculous isn't it?
-- "No one possesses the less because everyone possesses the whole of it. He who receives an idea from me receives it without lessening me, as he who lights his candle at mine receives light without darkening me" - Thomas Jefferson
How does this differ
from importing the OFX file from your online banking - OK, it's not a 'continuous feed'
Users don't want it because they just don't care !!
This type of solution does not solve a problem for the client it solves a problem for the provider of the service to the client as the client does not have the necessary motivation or knowledge to make an informed decision about the issue. For most clients bookkeeping/accounting is a right royal pain in the neck with which they would prefer minimum engagement.
By using this technology with re-organised business processes a bookkeeper/accountant can provide a better service (due to more accurate and timely information) at better price to the client at much higher margins for the provider.
The losers - drudgery !!
If you want to know ask me !!