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Bank Feed + Bank Reconcillation

Anil7852

Hi Team,

MYOB AccountRight-Need help for Bank feed and reconciliation.

Here is my query.

How can I reconcile if I made a single payment for multiple suppliers?

For example,

Total Bill paid is : $50,000.00

But

This bill is for three suppliers;

Supplier A-$25,000.00

Supplier B-$10,000.00

Supplier C: $15,000.00

In this situation, how can I allocate them in a single payment of $50,000.00?

Please give me a suggestion in this regard. I am not able to pick the respective bills when I try to reconcile.

Thank you very much in advance.

Any tutorials you can suggest to me, please?

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Genreve_S

Hi @obododan,

Thanks for the response and thank you for repeating the concern.

I'm sorry if I confused you in my previous reply. The electronic payment process will still apply to this, as we are just trying to match one bank feed transaction to 3 different payment transactions in the file. We are simply passing individual payments to the clearing account and moving as a bulk transaction to the bank account of choice.

The process is as follows.

Record all three purchase bill payments making sure that instead of choosing the bank account mark the electronic payment button.
Open Banking > Prepare electronic payments window.
Choose the bank account and date of the bulk transaction.
Mark all three transactions that make up the bulk transaction.
Make sure that the Total Payment amount equates to the bank feed transaction amount.
Click the Bank File button.

If this is followed correctly, the electronic payment will automatically match with the bank feed (given they have the same date and amount).

Let us know if you require any further assistance.

Cheers,
Genreve

All comments

Genreve_S

Hi @obododan,

Thanks for the response and thank you for repeating the concern.

The process is as follows.

Record all three purchase bill payments making sure that instead of choosing the bank account mark the electronic payment button.
Open Banking > Prepare electronic payments window.
Choose the bank account and date of the bulk transaction.
Mark all three transactions that make up the bulk transaction.
Make sure that the Total Payment amount equates to the bank feed transaction amount.
Click the Bank File button.

If this is followed correctly, the electronic payment will automatically match with the bank feed (given they have the same date and amount).

Let us know if you require any further assistance.

Cheers,
Genreve

obododan

Dear, @Genreve_S

Thanks for your reply.

However,

My scenario is: -My senior already paid three invoices in a single payment and now it appears in the Bank feed. Now I have to allocate three invoices to that amount.

I need to match three invoices from different suppliers for a single payment.

if you can advise me MYOB steps, that would be really helpful.

Thanks again.

Genreve_S

Hi @Anil7852,

Thanks for posting and welcome to the Community Forum.

I understand that there are instances in which we need to match 3 payments to one invoice. In these cases, we generally record the payments to an electronic clearing account first and move them to the bank feed account following this. Here is the help article Making electronic payments directly, this is a step-by-step guide to the process.

Let us know if you require any further assistance with this. We're happy to help.

Cheers,

Genreve