Forum Discussion

Stephen53's avatar
Stephen53
2 years ago

How to make bank deposits in Business Lite

Hello, I recently shifted from using MYOB AccountRight Standard to MYOB Business Lite. I shifted my data file from the former to the latter. How do I make bank deposits of cash and cheques in Busines...
Genreve_S's avatar
Genreve_S
MYOB Moderator
2 years ago

Hi Stephen53, 


Thanks for posting and welcome to the Community Forum. 

 

I understand changing software can be daunting. In my understanding, we are trying to create a bank deposit file from the application. Currently, the MYOB Business does not have the feature. Unfortunately, we need to manually create the bank file. For the bank feed matching part of the bank deposit, the application allows you to directly match multiple transactions the one bank feed. Rest assured; we will raise this as a suggestion to the development team.

 

For the transactions that are in undeposited funds, we won't be able to create a bank file for them. May I know where we are trying to transfer the cash amount to? 

 

We look forward to your response. If you have any other concerns, feel free to post again in the forum.

 

Cheers, 

Genreve

  • Stephen53's avatar
    Stephen53
    2 years ago

    Hi Genreve,

     

    Thanks for your email.

     

    Concerning receiving cash payments for a series of invoices that are deposited in one lump sum in the bank. I assume I can match the one cash deposit of the individual invoices that make up the sum of the bank deposit when the bank feed shows the money as having been deposited in the bank.

     

    Concerning the cash in the former Account Right’s cash draw that would have been banked using the ‘prepare bank deposit’ in Account Right, how shall I account for this deposited money in the cash drawer in the former Account Right software now I have transferred to the Business Lite programme? Is there any workaround?

     

    Thanks

     

    Stephen

    • Genreve_S's avatar
      Genreve_S
      MYOB Moderator
      2 years ago

      Hi Stephen53, 

       

      Thank you for the response. 

       

      Regarding transferring value from undeposited funds to any of your bank accounts, there are a couple of different ways to record this. We could do this by transferring between accounts, general journals, or redoing the payment altogether. Since this would depend on your preference, I would suggest checking each of these options. 

       

      Let us know if you still need any assistance. 

       

      Cheers, 

      Genreve

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