Hello,
We started to use bank feeds function for our clients' payment allocations instead of receivable money.
I found it was not able to allocate the subsidiary account balances if the bank transaction only shows the headoffice account name. e.g. if the mother company pay transaction shows $10 000, can't allocate the amount to their corresponding subsidiaries due to the freezed balance box.
Is there anyway out?
Thank you alot.
Hi JaniceL
If you do have a bank transaction that is for multiple MYOB Business transactions you would select the drop-down arrow (far right) and then select Match transaction. You can then tick the appropriate transactions that relate to that bank transaction.
If the transaction is to be matched to multiple accounts i.e. you haven't recorded a corresponding MYOB Business transaction, you would want to select the Allocate option and then select enter the required transaction.
For more information on working with bank transactions check out Help Article: Working with bank transactions.
Thank you so much Steve.
One further question is if we resversed 1 transaction, how does the bank feed realise the reversal and captures the correct allocations. Cos at the moment, there's one transaction has been allocated but showing under undeposited amount.
Hi JaniceL
Generally speaking, you wouldn't be able to reverse a transaction with MYOB Business. However, if you are (or entering a reversal transaction yourself) it would do the opposite of what it currently does i.e. if the transaction was debiting an account it would credit the account (in the terms of banking if a deposit originally it would be a withdrawal if reversed).
Hi Steve,
Thank you for the prompt feed back.
Maybe I didn't make my question clear.
After did the reversal transactions, there's some negative amount pending in the prepare bank deposit function not too sure what to do with it.
Also the new entries after reversal were not reflecting in the bank feeds still sitting in undeposited account.
Hope I made my question clear this time.
Thank you Steve.
Hi JaniceL
Thanks for furthering that explanation. I've also ascertained that you are using AccountRight and as such have moved those to the appropriate board.
In regards to the Prepare Bank Deposit window showing reversals. While it does depend on why the transaction was reversed, you likely have a negative and a positive amount for each transaction in that Prepare Bank Deposit window. As such, you want to tick the associated transaction along with the reversal before selecting Record. This will generate a 0.00 transaction to the bank account, which you will just tick off when you next reconcile that account - it will also clear the Prepare Bank Deposit window.
Assuming that there is a case where you just have the negative but not the positive I would be investigating why that is the case and if that reversal should have occurred. Assuming it was then its just a case of ticking that negative transaction and recording the transaction so it go to the bank account to represent that the negative (withdrawal) occurred.
