Is FNB Instant Accounting for you – Part 1!
Data capturing must be the most boring and time consuming part of bookkeeping and accounting -full stop. I have always felt this way and am sure you may have wished for a time when your accounting system would be smart enough to automatically post an invoice to the correct general ledger account. Only requirement is that there should be a function to approve the invoice to ensure unauthorized data does not enter the system. The era when all this is possible is here. FNB’s Instant Accounting has gone a long way to achieve automatic posting, although it is not 100% there yet However, I believe it is only a matter of time.
The question is whether it is the right accounting solution for you. System automatically allocates a lot of the transactions. If you bank with FNB the bank statements are imported. All you have to do is to ensure payments and receipts are correctly allocated. You can set up matching rules so that the system allocates transactions automatically. Here is how it works:
Lets say you pay for petrol. You can set a matching rule so that each time the word petrol appears in the description on the bank statement it is allocated to the petrol account in your general ledger. If matching rules have not been set up the transaction will remain unassigned and you can assign it yourself. Bank reconciliations For FNB accounts you do not have to do a bank reconciliation. Because the transactions are imported, the cashbook will always balance as long as you do not post manual transactions to the cashbook.
If you have accounts at other banks you still have to do bank reconciliations. At time of writing there was no function to do this online, you have to do it offline. This is a bit of a negative, but if you have some copy and paste and Excel skills you should be able to overcome this. The importance of using the right reference When making payments from your FNB Account ensure you use the correct reference, because once imported you cannot edit the reference. It is also used for matching and automatic posting purposes. No Annual License fees and no upgrade fees As long as you are a FNB customer you can use the accounting system free of charge. However this is for business accounts only- you cannot do a set of accounts if you use your private bank account for business purposes (a very bad business practice anyway). Is the service always availability and how fast is it? No, I have found that the service is not always available. Sometimes it is also too slow, but this is fortunately the exception rather than the rule and you should be able to work most of the time. How fast is the Accounting System? A lot will depend on the speed of you Internet connection, but generally I find the speed to be satisfactory. There are certain times of the month when it is slower than normal when the workload on the system is higher.