Forum Discussion

bettings's avatar
bettings
Contributing Cover User
4 years ago

Bank Feed matching using Undeposited Funds

I use 'Prepare Bank Deposit' when 2 or more individual wage payments come out of the Bank as ONE $amt. so I can match the entry in Bank Feed. Yet, they remain in the list of 'Prepare Bank Depsoit' a...
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  • Tracey_H's avatar
    Tracey_H
    4 years ago

    Hi bettings 

     

    Thanks for your post. So that I can assist with this can you please tell me exactly what transactions you are recording? If I'm understanding the basics of this you have bulk wage payments being withdrawn from your bank account. You're recording a transaction using the Undeposited Funds account to merge the individual payments into a bulk payment. Those payments are sitting in the Prepare Bank Deposit window.

     

    If that's correct, the big issue here is that the Undeposited Funds account and Prepare Bank Deposit window are for deposits into your bank account. If you are making bulk payments (withdrawals) you need to be using the Electronic Clearing account and Prepare Electronic Payments window.

     

    If you can tell me exactly what transactions you record, screenshots would be great, I'll be happy to help you resolve this. Please make sure you remove any sensitive information from screenshots prior to posting on the forum.

Tracey_H's avatar
Tracey_H
Former Staff
4 years ago

Hi bettings 

 

Thanks for your post. So that I can assist with this can you please tell me exactly what transactions you are recording? If I'm understanding the basics of this you have bulk wage payments being withdrawn from your bank account. You're recording a transaction using the Undeposited Funds account to merge the individual payments into a bulk payment. Those payments are sitting in the Prepare Bank Deposit window.

 

If that's correct, the big issue here is that the Undeposited Funds account and Prepare Bank Deposit window are for deposits into your bank account. If you are making bulk payments (withdrawals) you need to be using the Electronic Clearing account and Prepare Electronic Payments window.

 

If you can tell me exactly what transactions you record, screenshots would be great, I'll be happy to help you resolve this. Please make sure you remove any sensitive information from screenshots prior to posting on the forum.

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