Just a quick update to my last post, in which I had a few teething problems with LiveAccounts. After a couple of helpful emails for tech support, I can offer you the following pearls of wisdom:
Creating allocation rules
Apparently (and rather sadly), I can’t create a rule so that every deposit on my bank account is coded automatically to Accommodation Income. Switching between the two, I do notice that the features around allocation rules in LiveAccounts are much more limited than the equivalent bank rule features in Xero. LiveAccounts requires that you use a word or string of words from the transaction’s description on your bank statement in order to create a rule; Xero allows you to create a rule based on the Payee, the Description, the Amount or the Reference, and allows you to set different rules for spending money and receiving money.
What this means for me (time-starved as I am) is that I’ll have to spend slightly more time allocating transactions manually in LiveAccounts than I will in Xero. For example, when I logged on today, all but three of my transactions in Xero were coded automatically. However, in LiveAccounts, I still had to allocate eight transactions manually.
Credit Card Transfers
My problem with this transaction was that LiveAccounts wouldn’t let me select my credit card account when I went to allocate the transfer of funds out of my bank account. The solution was pretty easy, although not particularly elegant. First I have to record a transaction (manually) for the transfer. Then when I go to allocate the bank feed transaction, I simply match the bank feed to my transfer.
Allocating a Single Transaction across more than One Account
My question about how I allocate a transaction across two accounts? The trick was to double-click the transaction on any part of the row other than the bit that says ‘Allocate Me’. (Oh silly me.)
My Profligate Spending Habits
In regards to owner’s drawings appearing as one of my top 5 expenses on the front dashboard (sigh! I so wish I could live on air), the answer from support was ‘Woops .. don’t know how this happened . . one to get fixed’.
It’ll be interesting to observe how long this particular fix takes. One of the things I find pretty exciting about cloud accounting is that bugs and problems can be fixed straight away. You have a whinge, or you contribute a bright idea, and within a few weeks, the software gets updated. Ah, the sweet power of a consumer! On the other hand, regular desktop accounting software companies only dish out upgrades once a year, and even then, you can’t always be assured that your pet hate has been eliminated.
The upgrade process is also a whole lot easier with cloud accounting (so easy in fact, that you don’t have to do a thing). With desktop accounting, the upgrade process can be quite a drama (installing software on every computer, upgrading your company file, fixing up your forms, not to mention going quietly mad when things don’t work or stuff up).
Had a great day yesterday at the Institute of Certified Bookkeepers Conference in Sydney. Lots of good stuff on the agenda, all aimed at helping bookkeepers become more professional and successful in their businesses.
Also saw the mob from Xero at their trade stand (Wayne and Sally Schmidt). Apparently the payroll features are due out this month sometime – watch this spot . . .