Auto Predictions – Software

3rd May 2018 |

Hands up if you love the fact that accounting software seems to know where to allocate our bank transactions!

It’s great, isn’t it, until you find that after a few months of clicking “approve” or “save” (depending on the software you use), you have been allocating the transactions to the incorrect account and you have to go back and redo them all again…not happy.

The way to avoid this happening is to always look at the key areas of each transaction.  That is the payer/payee, the account and the GST code.  If all are OK, then approve.  It may take a second or two longer but it can save a lot of time later.

Think of it as being mindful – and remember you have a better knowledge of what the transactions are than the software does.