How to allocate a bank transfer
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 alloca...
Forum Discussion
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.
