Hi,
I recently started on MYOB and opened a new business bank account with Westpac at the same time.
I transferred the funds from the old bank into the new bank account.
What do I allocate this as? I can't see anything that's suitable to choose from in the drop down menu.
Cheers
Hi ACM1
Thank you so much for your post and Welcome to the Community Forum! If a transaction on the bank feed hasn’t been entered in MYOB, you can allocate it to your MYOB accounts.
If you're not sure which accounts to allocate transactions to, we do recommend speaking with your Accountant or Bookkeeper.
This help article will give you more information about Allocating bank transactions
Feel free to post again, we're happy to help.
Cheers,
Earl
Hi Vme,
Thanks for reaching out.
My understanding is we are trying to allocate the transaction from the old bank account to the new bank account, Generally, if it's a transfer from one bank account to another we don't allocate it instead we match it as a transfer money transaction. This will make sure that there would be debits from the old bank account and credits to the new bank account.
If my understanding is incorrect please feel free to clarify. Also, let me know if you need any further assistance with this. I'm happy to help.
Cheers,
Genreve
Thank you for your response. The old bank account was never setup on myob, I just transferred the rest of the money out of the old bank account and into the new bank account and closed the old bank account down. The new bank account is setup on myob so myob picked it up on the bank feeds.
