82 Comments
- AndrewhContributing Cover User
The ability to match a single bank transaction to multiple AR entries is an absolute must have, small business frequentley pay multiple invoices (seperate entiries in AR) in one payment amount.
There are also direct debits from suppliers processed which may relate to multiple invoices.
- BecG1990Cover User
I have a client who receives through their EFTPOS machine, payment for various clients invoices, as well as small amounts of funds for parts etc.
Currently in MYOB the only way these can be reconciled is by creating a clearing account, matching the bank statement line to this account, and paying off the invoices / creating receive money through the same clearing account.
There should be a way in which we can allocate part of the bank statement line to multiple invoices, as well as receive money transactions. I am aware that other softwares have this function at the moment and think it would be beneficial for MYOB to also have this, as I am sure my client isn't the only one with this issue.
Thankyou!
- David_CreeUltimate Partner
Hello Bec,
Reconciling your bank account this way is the hard way to do it.
It is much easier, and more accurate to use the Prepare Bank Deposit function in the software.
in this way you can correctly allocate EFTPOS/ Card receipts to the daily amount showing in the bank statements, and to prepare the cash/cheques deposits.
the process is described in theis MYOB Support Note.
http://myobaustralia.custhelp.com/app/answers/detail/a_id/9080/kw/9080
One tip that is not in this support note is to set the default for the Undeposited Funds Account. go to Setup / Preferences / Banking and tick the option "When I receive money, I prefer to group it with Other Undeposited Funds."
Also see this website.
http://help.myob.com/wiki/display/ar/Preparing+a+bank+deposit
I hope this is of assistance.
Cheers
David
- EdgarMBCover User
Hi there,
Would it be possible if you can just create a check box wherein users can just tick the correct transactions to match with the total amount in the bank feed line? This way it will be easier to just tick, match and approve multiple or split transactions, especially payroll transactions.
Regards,
- Vanessa_WuCover User
This is a good idea/suggestion and there are many similar suggestions on the idea's board if you search "Split".
MYOB please add this feature, how many more suggestions will it take?? Xero has this function.
Thanks. :catvery-happy:
- EdgarMBCover User
Hi David,
Thanks for the quick reply. Actually, the above post is not an issue but an idea for MYOB to think about. In any case, if this is hard to do, users can always follow the multiple steps you have enumerated. Cheers!
Edgar
- David_CreeUltimate Partner
Hello Edgar,
I would be using the Prepare Bank Deposit and the Prepare Electronic Payments features in MYOB to help to resolve the issues you appear to be having.
Do Receive Money entries for each customer using the correct Card. Select the Undeposited Funds as the Bank account for the deposit.
Then use Prepare Bank Deposit. select all the amounts and this should equal the total amount received. Select the Bank account that the funds have gone to.
The total will then appear in the Bank account and enable it to be matched to the Bank Feed amount.
A similar process is used for multiple payments that you make to suppliers or employees pays using the Electronic Clearing Account, even if you do not send the ABA file to the bank but use your internet banking functions.
For more details on using Undeposited Funds, Prepare Bank Deposit amd prepare Electronic Payments see these MYOB Support Notes -
http://myobaustralia.custhelp.com/app/answers/detail/a_id/9080/kw/9080
http://myobaustralia.custhelp.com/app/answers/detail/a_id/9244
Cheers
David
- turman2001Experienced Cover User
It would be great in the bank feeds that you can also search unmatched payments in the undeposited funds account and link multple transactions to 1 bank feeds. This would be handy for eftpos transactions direct debits etc...
- Steven_MFormer Staff
Hi melslade
Thank you for your feedback in regards to this.
I personally actually disagree with this idea, however I can see the benefit of it for clients. The reason why I disagree with it is the principle of bank feeds is to make bank reconciliation easier. A reconciliation being matching your transactions in AccountRight with your transactions on your bank statement/from your bank. If you are recording multiple transactions in AccountRight but only one transaction is going through your bank account then you are not truly reflecting what your bank statements shows and therefore not "truly" reconciling your account. In theory for it to be a "true" reconciliation you should be matching what is showing on the bank statement and this would mean having one transaction flow through the bank account, such as using Prepare Electronic Payments or Prepare Bank Deposit. Having said that I do see the benefit of it for clients to improve the workflow and allow for clients that would like to match transactions to multiple AccountRight transaction the ability to do so. I have also shared your feedback in regards to this idea with the team.
You also mentioned that you would like to manually reconcile your accounts, you are more than welcome to do that. I would just like to mention that unless you have contacted the bank feeds team on 1300 555 931 , the feeds will still come through. This does mean that when you decided to use bank feeds again to reconcile your accounts you would have to have to manually hide the transactions, currently one by one, that have been stored up. I would suggest if you don't wish to process a Prepare Electronic Payment or Prepare Bank Deposit process, that you use bank feeds for the transactions that you want to match one bank feed to one AccountRight transaction then use the Reconcile Accounts screen for the multiple transactions and hide the bank feed.To hide a bank feed you would right click on the bank feed transaction and select Hide Transaction. - melsladeContributing Cover User
How ever you look at it, it is still an increased workload. The whole point of this feature is to save time on reconcilliation is it not? Until bank feed is modified to accommodate multiple entries for one transaction I will be manually reconciling as it is much quicker.
- Steven_MFormer Staff
Hi melslade
Thank you for your additional feedback in regards to this idea. Processing an electronic payment would be an increase in the workflow process, allowing a bank feed to be matched to multiple payments would make it easier. However David_Cree's suggestion is a fantastic workaround that can be used. For more information into electronic payments please see Help Article: Electronic payments
- melsladeContributing Cover User
Thanks David I am aware of the electronic payment option but as I said, that is just another added step and as it currently stands, it is much easier to simply reconcile manually. As for bank deposits I do mean bank deposits not client direct deposits which are completely separate.
- KattCFormer Staff
Hello jenniek and David_Cree
Thank you very much for the feedback in regards to multiple transactions matched to bank feeds. Other users if you would like this to be in future upgrades please vote and leave your comments.
- David_CreeUltimate Partner
Hello Jennie,
Thanks for the clarification re AR compared to Essentials.
Indeed why not?
Cheers David
Related Content
- 8 months ago
- 6 months ago
- 9 months ago
- 7 months ago