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We have two bank feeds for the one business.
The second bank feed holds funds for annual expenses, car loans, super, wages and payg.
The car loan, wages, super & payg are then drawn from the second bank feed and paid directly where it is required. However with the annual expenses we deposit the funds back into the first bank feed to cover the account/invoice.
The problem we have is the account code to use.
I was using the accounts receivable for the car loan and wages etc however the balance didn't decrease when the funds were drawn out to pay wages or car loan. What would the correct account code to use.
In regards to the annual expenses (we have an amount drawn out of bank feed 1, this is to cover annual expenses) the funds are processed as follows:
1. Withdrawn from Bank feed 1
2. Deposited into Bank Feed 2
3. Withdrawn from Bank Feed 2
4. Deposited into Bank Feed 1 (this is when the account is paid)
What account code would I use for each transaction.
I look forward to your response.
Solved! Go to Solution.
You need to create a second Banking Type Account. Then transfer funds from the one to the other. When you make payments directly out of the second account, you can simply allocate or match them.
THank you for your response.
I have created a Banking Account for the expenses.
My query do I use this Account for the withdraw and deposit. The problem I have with this is that each transaction causes two amounts beening added to this Banking Account.
Do I use this Banking Account for the withdrawal and deposit?
I need the balance to equal the amount in the acutal bank account.
My apologies for the confusion.
I believe you are getting bank feeds for both the bank accounts. As suggested by @IanChait you would have created a second banking type account. When you get bank feeds for the amount in one bank feed you can create a transfer to another bank account and that will deal with both the transactions in Bank Feed 1 and Bank feed 2. I would recommend you to look through this help article on Identifying transfers between your bank accounts. If you’ve transferred money between two of your bank accounts, MYOB Essentials can match the two bank transactions, even if you haven’t entered a bank transfer transaction into MYOB Essentials.
If the amounts are different then the actual bank account then you will create one bank account and use that account to the withdrawals and deposits and then transfer it to the actual bank account where the feeds come from. This bank account balance will equal the amount in your actual bank account.
Hope this will help and let us know how you go. Looking forward to hearing from you.
Thank you so much.
Appreciate all input it has helped a great deal.