Approved Bank Feeds showing up in Bank Reconciliation as not reconciled

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Approved Bank Feeds showing up in Bank Reconciliation as not reconciled

Hi All,

 

I have matched and approved all the transactions via Bank Feeds. However, when I am trying to reconcile the Bank Account, some of the transactions which have been approved are not ticked/marked as reconciled. I can see all these transactions in Approved Bank feeds. Yes, I can manually tick all these transactions as reconciled, but is there anything wrong with the reconciliation or the approved bank feeds?

 

Thanks,

Bhawna

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Re: Approved Bank Feeds showing up in Bank Reconciliation as not reconciled

Hi @Bhawnaa - I'd be checking the dates of the affected transactions, and your bank reconciliation's statement date. Transactions entered after the statement date will not appear in the bank reconciliation - even though they may have been matched and approved in Bank Feeds.

 

Bank Feeds and Bank Reconciliation are separate processes.

When you match and approve a transaction in Bank Feeds,

it will be flagged as "reconciled" in the Bank Reconciliation window

- but it will only appear in that reconciliation, if its' transaction date was on or before the statement date.

 

See this Support Note too - Resolving out-of-balance bank reconciliations

 

Kym Yeoward, CPA and MYOB Advisor

Darwin (Palmerston)

 

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Re: Approved Bank Feeds showing up in Bank Reconciliation as not reconciled

Thanks Kym for your prompt response.

 

No, it's not a date issue. The Bank Statement date is 17 August and the affected transactions are from 2nd July to 24th July. Please note that some of the transactions from these dates are flagged as reconciled and some of them are flagged as not reconciled. However, all of these transactions are appearing as approved transactions in Bank feeds.

 

Thanks,

Bhawna

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Re: Approved Bank Feeds showing up in Bank Reconciliation as not reconciled

Hi @Kym__Yeoward,

 

Waiting for your response Kym.

 

Thanks,

Bhawna

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Re: Approved Bank Feeds showing up in Bank Reconciliation as not reconciled

Hi @Bhawnaa

 

As I said, Bank Reconciliations and Bank Feeds are separate processes.

 

The key process is the bank reconciliation. This can be completed separately to bank feeds.

 

Bank feeds are a useful to help complete a bank reconciliation, but they are not a substitute.

 

An item can be manually reconciled in a bank reconciliation, yet still show in Bank Feeds as unallocated.

For these situations, just mark that bank feed as Hidden, using the drop-down menu in the top right corner.

It then won't show-up in your bank feeds. There's no accounting impact, as it's already been reconcilied with your bank statement.

 

Bank feeds are usually updated and allocated daily or weekly, whereas reconciliations are usually only done monthly.

 

For example, if the bank account has been reconciled to 31 July and it's the 28th of August,

transactions for 1 to 28 August may appear as allocated, even though the August reconciliation hasn't yet been completed (as the bank statement for the 31st is yet to come). If you open the Bank Reconcioliation screen and enter 31 August, you will see the approved trasactions showing with "reconciled" ticks, because that ledger entry has been matched to the corresponding tansaction on the bank's system (i.e. on the statement to come, or on the bank's transaction list, if you log-on to your online account).

 

Hope helps,

 

 Kym Yeoward

 

CC @Steven_M - could we have a Support Note, explaining"Bank Feeds and Bank Reconciliations".

 

 

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Re: Approved Bank Feeds showing up in Bank Reconciliation as not reconciled

@Kym__Yeoward

 

Thanks for your prompt response.

 

Thanks,

Bhawna

 

 

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