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OldieLearner51's avatar
OldieLearner51
Contributing User
6 months ago

APPLIED RULE FOR BANK FEEDS

New to using bank feeds I applied a rule to a reoccurring debit but instead of making the rule against "BILL" i mistakenly put it against "SPEND MONEY" so when I do my bank rec the amount applied is not coming off the initial invoice amount.

I'm guessing I can journal this later at EOFY to correct OR if i make an edit to the rule and correct the rule to be be bill and not spend money, will this A: affect previous bank recs or only affect the current transaction?

What is the best way to correct this error so that the original invoice amount shows the amounts that have been paid on the creditors card instead of hanging in spend money? 

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  • brandonsherrick's avatar
    brandonsherrick
    6 months ago

    To correct the error where you applied a rule against "SPEND MONEY" instead of "BILL" in your MYOB AccountRight for bank feeds, and to ensure the original invoice amount reflects correctly. 

    Go to your MYOB AccountRight and locate the rule you applied incorrectly against "SPEND MONEY". Edit the rule to correctly apply it against "BILL". Ensure that the conditions of the rule accurately match the transactions you want to categorize as bill payments. Adjusting the rule should primarily affect future transactions that match the rule criteria.

    At the end of the financial year (EOFY), you can create a journal entry to correct any discrepancies caused by the incorrect categorization. Adjust the accounts affected by the misapplied rule to reflect the correct amounts

    If you choose to correct the rule, it should impact only future transactions that match the updated rule criteria. Depending on your accounting practices and standards, consult with your accountant or financial advisor to ensure compliance and accuracy in correcting these entries.

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