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Bank Feeds Rules

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Kelly81
Experienced Cover User
260 Posts
Experienced Cover User
Experienced Cover User

260Posts

76Kudos

1Solutions

Bank Feeds Rules

Hello,

 

Firstly I'm fairly new to bank feeds.

 

I am a bit confused as to how the rules work.

 

It seems that an outgoing money rule only allows a spend money transaction and they bypass the accounts payable account therefore seems like rules are no help to me.

 

Could someone please clarify on this for me.

 

Also, if my bills are entered using Enter Purchases it uses Accounts Payable and also posts to the expense account, so therefore if bank feeds spend money rule does not do the other half of the transaction then it leaves the accounts skewed. Or am I missing something?

 

Also spend money transactions are not logged against suppliers so reporting is not possible from my experience.

 

I could be wrong.

 

Look forward to feedback.

 

Thanks in advance.

2 REPLIES 2
Dee-Workman
Ultimate Partner
1,175 Posts
Ultimate Partner
New Zealand
Ultimate Partner

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Re: Bank Feeds Rules

Hi @Kelly81

 

The bankfeeds are designed to pull through all your banking transactions to cut out the manual input of each entry.  The bank rules are a great tool to set up for your transactions i.e. bank fees, interest received, any eftpos transactions like fuel etc. that are not supplier transactions whereby you receive an invoice (receive money or spend money transactions).

 

Accounts Payable can still be entered as previous and you can either pay them through MYOB as normal, and they will then match automatically in your bank feeds where you can check and click Approve.  The transaction is then automatically carried through to your bank reconciliation and ticked.  If you don't apply the payment at the same time you pay, when the bankfeed comes through the next day you can then select from the drop down beside the bankfeed and select receive payment and apply it direct from the bankfeed.

 

 

Steven_M
MYOB Moderator
44,684 Posts
MYOB Moderator
New Zealand
MYOB Moderator

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Re: Bank Feeds Rules

Hi @Kelly81

Bank feeds is a relatively new concept, so its always alright to ask those questions to check your information.

As mentioned by @Dee-Workman bank feed rules are terrific and are designed to save client time. Bank rules can be setup for most type of transactions including bills (this was introduced after bank feeds initial release).

Basically as you may know a bill transaction will generally go to an expense account and accounts payable (or trade creditors) account. There is also a payment transaction which would be your pay bills transaction, which would generally be a decrease from the bank account and it would decrease your accounts payable (or trade creditors) account. In terms of bank feeds, you would be matching or creating (using a rule) the pay bills transaction.

To generate a rule for bills you would go to Banking>>Bank Feeds>>Manage Rules>>Select the New button then select Bill. This will allow you to enter a rule name, enter in the description and ask you to indicate what supplier you want the opens bills to be looked at for the rule. When the feed comes in and it matches information relating to the rule it will look for open bills from that supplier and therefore indicate that it has found a possible bill match. You can click into that possible match and add in the relevant amount to the required bill to match then approve that transaction.

So there should be no need to enter a Spend Money transaction for that transaction. You would setup a bill based bank feed rule and it will do the payment work for you. All you basically have to do is tell it which open bill it is used for.

For more information into setting up rules for bank feeds please see Help Article: Using bank feed rules

Kind regards,
Steven

MYOB Community Support

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