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Status New idea
Workspace Reckon Accounts Business
Categories BankData
Created by Guest
Created on Jul 29, 2021

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Automated / AI reconciliation


Implement a Smart Reconciliation Tool like competitors offer. For example Odoo:

"Get reconciliation propositions automatically, register extra journal items on the fly, search efficiently. Interface for manual reconciliations, for both open and paid invoices. Learning of account numbers based on first manual reconciliation. Odoo matches 95% of invoices & payments automatically and the smart matching tool allows to do the remaining 5% super fast."

  • ADMIN RESPONSE
    Jul 29, 2021

    Great idea and definitely something we have considered, however our current legal advice is in AU we cannot complete a reconciliation for a user as that is 'giving tax advice'. We are looking at alternatives in a banking project that kicks off next month.

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  • Admin
    Jason Hollis
    Reply
    |     Jul 30, 2021

    Hi GM.. unfortunately it is more complicated than that. Even suggesting a tax code is giving advice - we are on hold until we hear otherwise. As I said.. we agree with you, but won't be addressing until we get the all clear.

  • Guest
    Reply
    |     Jul 29, 2021

    In the Australian tax system accountants / tax agents prepare tax returns but the taxpayer isultimately the one to sign off on it and take responsilbility. Taking this concept, if "completing" a reconcilation is the issue, the software doesn't have to "complete" the reconciliation, it could just be allocating/matching transactions ready for user approval - ie a draft reconcilation, and then user is ultimately responsible for accepting/rejecting the allocations and clicking the button to approve the reconciliation. This would save 95% of the time.