Reconciling Multiple Bank Feed Transactions

Question

Please advise the steps to reconcile multiple bank feed transactions that total multiple Prepare Bank Deposit transactions.

For example:

When we deposit cash into our bank, they split the transaction into notes and coin resulting in 2 bank feed transactions.

This original total comprised of 6 Prepare Bank Deposit entries, however because of the spilt in cash and coin amounts on the bank feed, we are not able to match the transactions exactly to each of the bank feed transactions.

Bank Feed Transactions: $1,065 and $296.60 - Total $1,361.60

Prepare Bank Deposit Entries: $300, $400, $256, $162.45, $143.15 and $100 - Total $1,361.60

What is the best way to handle this?

Thanks.

lrbooks61 · Answer

Hi Paddy&nbsp;&nbsp;My first&nbsp; suggestion is ( I assume you are a retailer) that you record your daily takings as an invoice and then with your bank feeds you do a receive payment against that invoice . That way you will receive payments against those invoices and eliminate the prepare deposit issue&nbsp;My second suggestion would be to deposit the funds in the prepare bank deposit to a clearing account rather that the bank account and then allocate&nbsp; the bank feeds to that holding account.The clearing account would have to be set up as a bank&nbsp; account in gl so that you can select it&nbsp;&nbsp;That way you can reconcile the clearing account to ensure all payments are accounted for&nbsp;Hope this offers a solution&nbsp;Lisa&nbsp;

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Reconciling Multiple Bank Feed Transactions

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