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Sam-C's avatar
Sam-C
Contributing User
3 months ago

Automation of 'Prepare Bank Deposit' and matching with Bank Feed

We have an eCommerce business with 100's of orders every day.

Our customer pay via various payment methods (eg. Shopify, PayPal, Afterpay, Zippay, Laybuy, Klarna, etc).

 

At the end of each day we receive a bank deposit from the relevant merchant (Shopify, Afterpay, etc.) and have to prepare a bank deposit to match with this deposit.

We find in the Merchant's website which orders were included in that deposit and tick all the relevant orders in the Prepare Bank Deposit window.

We then create the Merchant's Fee and, when the total amount and the date are exactly as the Bank Deposit in the Bank Feed, we match them.

 

This is becoming more and more time consuming, in paticular with large deposits.

 

Is there any way, solution, add-on, process which could speed up or even automate this process?

 

5 Replies

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  • Princess_R's avatar
    Princess_R
    MYOB Moderator
    3 months ago

    Hi Sam-C,

     

    Thank you for your post, and we apologies for the delay in responding back to your query.

     

    MYOB does offer some features that can help automate the "Prepare Bank Deposit" and matching with the bank feed process. One of these features that you can check out is the online invoice payments feature. With the OIP, the customer bank deposit will automatically create a transaction and match it with the recorded invoice, specifically if you have set a bank rule for automatic matching bank transactions to MYOB bills and invoices and the allocation of bank transactions using bank feed rules. 

     

    Please let me know if you need further assistance.

     

    Cheers,

    Princess

    • Sam-C's avatar
      Sam-C
      Contributing User
      3 months ago

      Hi Princess,

       

      Thank you very much for your response and assistance. 

      I'm afraid this is not the solution I'm after.

      We have an e-commerce business. Our customers do not pay us through the invoice/myob, but rather when they make the order online, they pay Shopify.
      At the end of each day Shopify will transfer the funds of tens of orders by single deposit.

      eg. say, 10 customers made order of $100 each.

      Shopify will make a deposit of 10 x $100 (less their merchant fee, but that's another issue).

       

      What I am looking for is a solution which will match the 10 orders of $100 each with the total deposit of $1000.

      • Doreen_P's avatar
        Doreen_P
        MYOB Moderator
        2 months ago

        Hi, Sam-C

         

        Thanks for the prompt response.

         

        We're sorry for the delayed response. If you are looking for an automatic matching of the payments instead of manual lodge, you may check the Help Article: Connect your e-commerce to MYOB with Amaka for more information if this suits your business needs. Please let us know if further assistance is needed.

         

        Best regards,

        Doreen