Bank Feeds

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Experienced User Debbie111
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Bank Feeds

Is there a specific format that our clients should adhere to when paying their invoices which will allow for ease of matching our bank feeds or creating rules. (i.e. should it be invoice number, their name, their customer id) etc.

 

The banking video on the website focuses mainly on the process for withdrawals.  Is there a refernce that I can use that shows how best to match customer payments which are normally in respect of multiple invoices. Also is class room training conducted in this area and if so which course. I am hearing views that if there are numerous payments in the same amount then electronic banking may be more challenging to implement.

 

Thank you .

 

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MYOB Staff Post RienaP
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Re: Bank Feeds

Hi @Debbie111,

 

My take on Bank Feeds would be to request your customers to write their names on the statement so the Invoice Rule can be written. What this will do is simply look for the customers' name and look for open invoices for that customer. It will show you possible matches if there are open invoices and by clicking on the link it will take you to Sales>>Receive Payments window where it will allow you to match to the correct invoices. I have provided a link to Bank feed rule help page and hope this will guide you step by step.

 

Let us know how you go as we are more than happy to help.


Regards,
Riena
MYOB Training Specialist
Experienced User Debbie111
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Re: Bank Feeds

Hi

 

Many thanks for your reply and reference to the help notes which have been really useful.

 

The notes makes reference to the following:

 

Recurring transactions

Recurring transactions have pre-defined amounts that might not match the bank feed amount. We don't recommended using rules for recurring transactions that come through the bank feed.

 

Please will you provide greater detail on the above reference

 

The majority of our invoices are based on a recurring transaction that automatically takes place on the 1st of each month. This is in respect of their monthly fees and a set rate of $10. We thereafter send out activity statements to all our clients which reflect both their recurring transactions, any "ad-hoc" events they may have attended and the outstanding balance.

Most people will either pay in full / a portion due / or some over pay (in anticipation for future months)

 

As they are activity statements we do not reflect a specific invoice number.

 

If I am understanding correctly - will bank feeds still be of use to our corporation and if so will the invoice rule be the correct set up. 

 

if it is the correct set up -  would you recommend using the format <<Name, Cust Ref>> when they deposit funds and thereafter creating a rule for each customer?

 

Many thanks

 

 

 

 

MYOB Staff Post RienaP
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Re: Bank Feeds

Hi Debbie @Debbie111,

 

Thanks for your in-depth explanation of your business processes.

 

My understanding is that the recurring transactions have a predefined amount (specific) and if the amount changes in the bank feed, then the rule will not work. Bank Feed rules are similar to recurring transactions but are driven when cash is received. Invoice rule looks for the customer name and you can add the customer reference as well and it will then look for the customer and the customer reference when they deposit funds according to what you would set under  Rules Conditions and Allocations: and personally I will create the rule for each customer as it comes to my bank statement for future automation of the process

 

I would recommend you to let your customer know which one you would like to go with either using <Name, Cust Ref>> when they deposit funds and thereafter creating a rule for each customer. Since a lot of your customers transfer their payment directly to your account, you can ask them to add their name and/or customer reference number to their internet banking transfer, to help with the matching process.If you are using both of them then your card file needs to be set up properly.

 

Hope this helps! Please let us know how you go as we are happy to help.Smiley Happy 


Regards,
Riena
MYOB Training Specialist
Experienced User Debbie111
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Re: Bank Feeds

Hi Riena,

 

Thank you so much for all your invaluable assistance.

 

You mention that our card file needs to be set up correctly.

 

Can we do it as follows

 

<<LAST NAME>>  <<CARD ID>>

 

 

Many thanks,

 

 

 

 

MYOB Staff Post RienaP
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Re: Bank Feeds

Hi @Debbie111,

 

In the Card Profile of customer cards, Card ID needs to be entered and your customers need to know their Card ID. Even though this is not looked at when matching but for your record/reference purposes  Also, they need to know what to put when entering their payments so correct information comes on the Bank Statement and the rules match.

 

Hope that helps. Please let us know how you go as we are happy to help further.Smiley Happy


Regards,
Riena
MYOB Training Specialist
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