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GregKB's avatar
GregKB
User
2 years ago
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). 

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  • Yanike_S's avatar
    Yanike_S
    MYOB Moderator

    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). 

    • GregKB's avatar
      GregKB
      User

      Thanks Yanike

       

      I understand that, so thanks for the answer. If I can just add a couple more things to round it off, in case anyone in the future is looking back for info...

       

      I dind't have to delete all the transactions and start again.  You can do "Unallocate" across bulk transactions selected (max 50 at a time - not sure why they have this limit).

       

      I did however have to reallocate them, using Yanike's method of the "Transfer Money" function and matching them to their correopnding transaction in the other other account.  This took a little while but MYOB has a few neat features that make this about as quick as it could be given you can't seem to use a rule to automatically allocate transfers, neither can you do bulk allocations for transfers, which I guess all makes sense because MYOB cannot always confidently select the other corresponding transaction to match to.

       

      Cheers

      Greg