Quickbooks replacement tech part 1: streaming bank data
darwin.Cloud now has enhanced automation that streams bank and credit card activity into darwin. This technology saves time & enables you to much more accurately classify payments that stream into darwin daily.
Wasting accounts payable staff time
If you enter bank charges, debit charges & automatic online payments manually in Quickbooks, your bookkeeper is spending approximately 10 hours per month on this task according to the Institute of Management Accountants (IMA). At today’s wages, that equals hundreds of dollars of labor cost per month. If you use the streaming banking data in Quickbooks (or earlier versions of darwin), you definitely save many hours of work each month, but the accuracy of the automation was limited. New features out now in darwin.Cloud make the accounting for streaming bank account online charges much more accurate. Here is an overview of the prior way of managing online payments. Then below we will look at how darwin.Cloud solves all these problems.
The limitations of Quickbooks:
When classifying the streaming bank charges in Quickbooks, here are the limitations and inaccuracies:
- Only one expense account is allowed
- You can’t easily confirm the expense account used without having to “click-to-see”
- You can’t assign classes (known as offices in AccountTECH)
These are significant problems because many bank charges that were made by debit card or online payment are might need to be expensed to multiple different GL accounts or multiple different offices. Darwin prior versions had the same limitation. darwin.Cloud has new enhancements that offer everything a CFO could need to get any expense automatically classified to multiple GL accounts and multiple offices.
The new features of darwin.cloud Bank stream
In the rules setup features of darwin.cloud, for any expense streaming in daily from your bank, the rule can be configured to spread an expense across multiple GL accounts and multiple offices. The charges can be linked to a specific vendor, which is very helpful when running reports of total purchases per vendor.
Rules can also be set up to spread an expense across multiple offices. When you set up a rule to spread an expense across multiple GL accounts and multiple offices, darwin.cloud will remember the offices and the percentage expense allocation. For future Bank charges streaming in for this particular vendor, darwin.Cloud will remember how you want the expense to be broken up - according to the rule that you previously created. It will divide all new incoming expenses into the right GL account and the right office - automatically.
watch this short video to learn more about Single line and Multi line automated expense classification in darwin.Cloud
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