GregKB
2 years agoUser
Solved
Bank feeds transfer question
Hi there I am working with MYOB Essentials. Thanks for looking at my issue. I have a number of accounts, say, for simplicity, 3 accounts, and I do a lot of transferring between accounts. I set up bank feeds for all the accounts, so, all three accounts download the transactions from the bank, and I am left having to allocate them. Obviously, when the bank feeds download the transactions, each account shows all transactions, all begging to be allocated to an account. What I did, which I now think is wrong, is that I allocated all transactions in every account. For all the transfers I simply allocated them to the other bank account (i.e. the account from which they came, or which they went to). I did this in all the accounts, for all the transactions. So, when I run reports or reconciliations, I am seeing a lot of double up in these transfers - the reports are all wrong and the accounts don't reconcile. I have 2 questions: 1. What is the correct way to deal with these transfer transactions - how are they supposed to be dealt with/allocated? They appear in the bank transactions screen, in each account, with the words "allocate me". How should I allocate them without that resulting in double ups in the accounts? Do I need to actually allocate each transfer transaction in each account? Or do I just allocate them in one account and not allocate them in the other - leave the "allocate me" blank? When I open the allocate drop down, there is this option called "Transfer Money" but I don't know how to incorporate this within the rules I can set up to allocate the transactions. 2. What should I do now to fix it? I downloaded from the bank a full year of transactions. There are hundreds, or probably thousands of them. I sent up rules to allocate them in the first place. I simply couldn't go through and deal with each one individually, manually - I don't have the time. Can I delete it and start again? Thanks very much Greg (P.S. also, sorry for the block text message - I did set it up in HTML format with paragraphs and spaces, but it keeps automatically reverting to this rich text block.)
Hi GregKB
Thanks for your post. If you make transfers between accounts, you would use the transfer money option: Transferring between accounts. If you have bankfeeds on all accounts the software will find matching transfers for you which you then only have to select (rather than creating a Transfer money transaction manually).