Hi,
Does anyone know if freeagent has an unreconciled transaction report, similar to that within Xero and Sage? The clients bank account is out by a fair amount and was hoping to look at a reconciliation report, before delving deeper into the issue.
Kind regards
Ian
Related resources
Replies (7)
Please login or register to join the discussion.
Not as such, but I guess you can copy and paste unreconciled transactions/manually entered transactions onto an excel spreadsheet?
I don't think that there is such a thing. The bank should be a live feed so is just a statement and doesn't deal with outstanding cheques etc. We adjust these manually at the year end. If you have a difference I'd start with looking for manual entries. These are most often the problem. If the client marks an invoice as paid it will post it to the main bank but this will also be imported from the live feed. I work through it month by month to find any issues.
Yes the "mark invoice as paid" button isn't helpful.
also for some banks the delay for importing bank transactions can be up to 48 hours.
Look out for bills entered as expenses - the mobile app used to only allow the user to enter expenses and one client had entered a whole bunch of purchases invoices as expenses, which couldn't be reconciled with the bank!
Agree that manual entries are often a red flag. Also skim down the dates, see if there's any big gaps. Sometimes if people use the statement download/upload, and they go on holiday for a fortnight, it may be that the download doesn't include all transactions since the last one.
Another thing we see quite a bit, duplicated bank transfers. Sometimes where a client has a savings and current account, and they explain both sides of a transfer, they don't always link up nicely. On occasion this can lead to FreeAgent doubling them up. Again, looking for manual entries would help spot this.
Have they now fixed the matching transfers bit? I had one last week that seemed to not duplicate when I was trying to show a client how it duplicates!
I believe if you upload "both sides" before explaining either, then it should be clever enough to tally them, which wasn't always the case.
I'm not 100% sure how, but it's unfortunately definitely still possible to duplicate these...a few of our clients still find a way!
When FreeAgent goes wrong it can take ages to fix and it is a manual process. You will need to train the client better (I do not let clients use Bills unless they know what they are doing due to the duplications already mentioned and now get them to check the bank balance agrees more regularly). There could also have been a problem with the bank feed.
You will need to compare each transaction with the bank records line by line. If there are transactions on the bank records which have not been fed into FreeAgent then you will need to upload them as a csv file or enter them manually one by one.
If there are transactions entered by the client onto FreeAgent which are not in the bank records, then these often appear in purple and are because they manually reconciled an invoice or bill or it is a bank transfer per above.
You can only see transactions already in FreeAgent which have not been reconciled (it says how many as a number per month and they are red), but these transactions are already part of the bank balance so won't cause the total to be out.