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SusanMcC's avatar
SusanMcC
Experienced Cover User
3 years ago
Solved

Bank transactions with mixed debit / credit postings

When you receive a deposit to your bank account with a mix of income and expenses and they send you the net amount.  If you post as one transaction the expense posts to the GST reports as a minus in ...
  • CloverQ's avatar
    CloverQ
    3 years ago

    Hi SusanMcC 

     

    Incomes and expenses do need to be recorded separately for them to be recognised and reported correctly. Generally speaking, when receiving a deposit of the net amount you can use the Undeposited Account in AccountRight to record it, or create a new holding account if it suits your set up better.

     

    When recording invoice payments or Receive Money transactions in AccountRight, there's the option to tick 'Undeposited Funds', it will automatically change the 'Deposit to Account' to the linked bank account. You can then also select the same bank account to pay bills or Spend Money transactions. Once done, go to Banking > Prepare Bank Deposit, tick the positive and negative amounts then deposit the balance to your main bank account. The deposit transaction can be matched to your bank feeds deposit. 

     

    I hope this helps.

CloverQ's avatar
CloverQ
Former Staff
3 years ago

Hi SusanMcC 

 

Incomes and expenses do need to be recorded separately for them to be recognised and reported correctly. Generally speaking, when receiving a deposit of the net amount you can use the Undeposited Account in AccountRight to record it, or create a new holding account if it suits your set up better.

 

When recording invoice payments or Receive Money transactions in AccountRight, there's the option to tick 'Undeposited Funds', it will automatically change the 'Deposit to Account' to the linked bank account. You can then also select the same bank account to pay bills or Spend Money transactions. Once done, go to Banking > Prepare Bank Deposit, tick the positive and negative amounts then deposit the balance to your main bank account. The deposit transaction can be matched to your bank feeds deposit. 

 

I hope this helps.