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Need better handling of manual transactions
FreeAgent doesn't handle manual transactions as well as it could.
The problem is that you assume a way of working which requires automatic bank statements as the source of all information regarding payments.
Whereas the safer way of working (i.e. knowing exactly the state of your business accounts) is to manually enter transactions when you know about them (i.e. I've just made a payment, I've just deposited some money) and then use the bank statement to reconcile its view of the world against yours.
Relying on the bank to be right means (a) a delay between transactions you know about showing up in the accounts; (b) the possiblity of the bank getting it wrong (I've had at least 2 occasions when a bank has taken my payment or deposited funds and applied it to the wrong account - I'd have no way of picking this up without a proper reconciliation)
The problem is that you assume a way of working which requires automatic bank statements as the source of all information regarding payments.
Whereas the safer way of working (i.e. knowing exactly the state of your business accounts) is to manually enter transactions when you know about them (i.e. I've just made a payment, I've just deposited some money) and then use the bank statement to reconcile its view of the world against yours.
Relying on the bank to be right means (a) a delay between transactions you know about showing up in the accounts; (b) the possiblity of the bank getting it wrong (I've had at least 2 occasions when a bank has taken my payment or deposited funds and applied it to the wrong account - I'd have no way of picking this up without a proper reconciliation)
I’m a bit disappointed that FreeAgent isn't quite as perfect as I thought it was
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Inappropriate?Also, with receipt of one payment for multiple invoices (both paying it and receiving it), the system assumes a way of working which is driven by an automated bank statement. Sorry, but not everyone works like this.
I’m a bit fed up that I'm going to have to enter 5 bank payments for paying the 5 bills I've just paid with one payment.
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Inappropriate?Hi Rachel,
It is possible to enter Manual Transactions which are then reconciled against transaction when you upload a bank statement. FreeAgent should recognise the manual transaction matches your previous manual one, and combine the two.
Are you not seeing this?
Regarding multiple payments against bills/invoices: we know the current system is a bit clunky, even when using electronic bank statements, and we are planning on introducing a new way to explain transactions that should significantly improve this. -
Inappropriate?Hi Roan
I don't have electronic bank statements for this bank account, I never needed them in the past - it's been very quick in QuickBooks to just tick off the 5-10 entries each month as reconciled so getting electronic bank statements just adds an extra job to do, rather than saving time.
There is no way in your system at present (that I've found so far) of doing a manual bank reconciliation. You're just assuming that everyone will do electronic bank statement upload, and there's no manual alternative.
Rachel
EMPLOYEE
