The Project Management and Bank Reconciliation release

5 min read
Jul 15, 2020
Updated: May 9, 2024

I was going to call this release Project Finance as it contains:

  • a significant upgrade to the way you can manage projects via cases
  • a whole new module to reconcile your finances to your bank
  • new financial transactions

However, the words Project Finance take me back to my Oil and Gas years, where it brings in a completely different meaning. It also made me think about some other features we could incorporate into Konnexsion to provide oversight of your property finances. So I decided to hold out on that title for a future release altogether.

I’m rambling, let me get back to today. The last two months have genuinely been intense. The product team have been working hard, frequently through the night, with pads and pencils, and a little bit of code, on these features. Individually both the project capabilities, we’ve incorporated into the case file, and the Bank reconciliation feature would be worthy of promotion. I hope I don’t do the team an injustice by launching them together.

Bank Reconciliation

Some of you have been waiting a long time for this. We too, have had this in design for quite a while. To have a successful bank reconciliation feature, we needed to ensure our Finance module was fit for purpose. The changes we have made during this year to date has been part of that readiness. Let me recap:

  • We enabled editing of Financial transactions
  • We improved the matching capabilities between Invoice and Payment
  • We’ve added client account controls
  • For those of you who have our Muli-Landlord feature, we allowed you to restrict Bank accounts to specific Landlord / Client Accounts.

That wasn’t quite enough to fully adopt Bank Reconciliation; we had to be sure you were able to process all transactions from your bank statement. To achieve this, we have added new finance ‘transaction types.’

  • Deposit : A simple transaction to allow you to record receipts. These receipts do not relate to your customers or suppliers. An example of a ‘Deposit’ would be bank interest received.
  • Expense : The opposite of a deposit used to record the likes of Bank Interest / Bank Charges Paid
  • Transfers : With more than one bank account, you need to be able to transfer money between these accounts using the Transfer transaction.
  • Journals : Yes, unfortunately, the dreaded Journal. Those transactions your accountant loves to use. Where money paid into your account are ‘debits’, and funds that leave are ‘credits.’ Lost me? Don’t worry, but they will be useful at some point. Typically when your accountant wants to make adjustments at the end of a year to prepare the final accounts.

Let me finally get to what we are launching. The Bank Reconciliation will allow you to import your bank statement transactions into Konnexsion. Then as if you were using a pencil to tick off each entry it will ensure you ultimately get to a point where what Konnexsion believes is in your

Bank Account matches what is actually on your Statement.

Why is all this so exciting. Well, trust me, it is. Using our Bank Reconciliation feature will save you hours processing your receipts and payments. Just by matching a receipt on your Bank Statement with an outstanding rent invoice, Konnexsion will do all the work for you in recording it as paid and completing all the necessary matching. Something that probably took about 1 minute for every receipt will take you less than 10 seconds now. I’ll let you do the math, but I think you really will find that to be quite a significant saving. In a task that, for one, I always hate doing myself.

Have a look at this tutorial which will show you all about this feature and talk about some quite advanced capabilities.

Template Cases

We’ve always liked how our case mechanism allows you to record the history and conversations you’ve had when performing a particular activity. You’ve also been able to add tasks for yourself as reminders and assign them to other team members as necessary. From discussions from across our community, we realised that we could take the case features further. Further in that, we could build a module that would allow you to define your standard processes and follow them to ensure nothing got missed.

Critical in today’s regulatory world for sure but also hugely beneficial if you want to demonstrate to your customers that you are consistent with how you approach work and will not drop or forget to perform something just because you are busy.

With this feature, you can:

  • Set a predefined list of tasks
  • Group these tasks into ‘phases’ of work
  • Assign tasks to your team based on Roles
  • Establish dependency rules preventing tasks from starting & completing before others.
  • Establish auto-assignment rules to notify team members when they are assigned an action.
  • Set predefined outcomes for your ‘tasks’ so you can report on how they ended at a later time.

That’s not all, however. With these features, we felt that we needed to bring you more to enhance your experience.

To make your case experience even more powerful, we have implemented Project Gantt Charts and Kanban Boards to enable you to manage your organisation’s workload both at an activity level (the case) as well as across your whole operations.

There’s not much more I can say. What I suggest is you follow this tutorial video to understand how you can get the best value of Case Templates, Tasks and our Project Features.

This release goes live during the morning of 15 July. We will try to finish before the day starts in the UK. Which we appreciate will affect some of our users in Asia. I promise you it will be worth it.

I end once again by thanking you for your ongoing support and commitment to Konnexsion. It is with the feedback we get that makes working with Konnexsion such a joy.

Best Wishes,