Setting Up Electronic Payments and Reconciling in Bank Feeds
Hi,
I'm a bit lost and confused with the set up of my electronic payment account and process!
There is already an electronic clearing account (1-0190) in my list of accounts. It is setup under bank and is a linked account.
In the linked accounts screen, the Electronic clearing account is linked to electronic payments.
I have setup employees/suppliers card files with their bank account details and selected payment type as electronic.
I am able to record the payroll or supplier payments.
When I create the Electronic Payment file, the account to pay from is my Cheque Account 1-0100, which is my actual bank account - Is this correct?
What I am unsure of next is how to reconcile the payments to the bank feed.
The individual transactions are recording in the clearing account (as a debit and credit), and a bulk payment amount is showing in my Cheque account (viewable from the reconcile screen).
The Bank Feeds screen is showing from the bank, the individual amounts/transactions uploaded from the bank file.
How do I reconcile the Bank Feeds screen?
I feel that one side of the individual transactions should be showing in the bank feeds and the bulk amount showing in the clearing account, but not sure what I've done wrong?
Thanks
Hi CBell
Generally speaking, whichever account is linked as the bank account for electronic payments acts as a holding account to prepare the aba files. So when using the Prepare Electronic Payments, the pay from account is the real world account that you want the funds to come out of. Its also worth noting that the prepare electronic payments functionality is designed to amalgamate multiple individual transactions into a single transaction
Depending on your bank and how they load the bank feeds transactions it will either be as a single amount or individual transactions. This is entirely up to the bank, we don’t have any control over that.
On the bank feeds window within AccountRight, each match works on a one to one match. So if the transactions coming through on the bank feeds are individual amounts, to have them match the transactions the transactions in the bank account needs to be individual amounts.
As the electronic payment will show in the bank account as a single amount, you have a couple of options. The first is to go into the Reconcile Accounts window and tick the bulk payment, before going in the bank feeds window, right click on the transaction and choose the option Hide Transaction.
Alternatively you could delete the one individual bulk electronic payment and prepare individual transactions for the amounts. This would allow the transactions to match
