Bank Feeds MYOB Essentials

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Bank Feeds MYOB Essentials

Hi

 

I'm quite new to MYOB Essentials and have a couple of issues I'm not sure of and would like some advice on how to process them.

 

I have several identical Debit & Credit Bank Feeds from my Amex account which also appear on the Statement.  I would say it was an internal error with Amex.  How should I allocate these so my bank feeds reconcile at the end of the quarter?

 

Also, I paid a deposit on a product from my Amex account and didn't go ahead with the purchase.  The Company I was making the purchase from has returned the payment minus $4.50 admin charge.  How do I process this as well.

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Re: Bank Feeds MYOB Essentials

Hi @Jenny62 

 

As they are indentical DR and CR transactions you could create a Suspense account and enter those transactions through Spend/Received Money, allocating the amounts to the Suspense account with tax code N-T. Once all transactions are entered you would be able to match your bank feeds and the Suspense account would have a zero balance. 

 

To record the returned deposit you would need to create a supplier return and then process the supplier return 

 

Please let me know if you need further help.

Cheers,
Tracey
Previously @bungy15

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Re: Bank Feeds MYOB Essentials

Thanks Tracey, yes that does help.

I thought that may have been the answer but just wanted confirmation.

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Re: Bank Feeds MYOB Essentials

Hi again Tracey

Must be the month for it.  I have another scenario for you.

Amex applied reward payments to our account and then we paid those same amounts straight back off the card.  How do I record these so I can match them to the bank feeds.  Process a Supplier Invoice and Return as well?

 

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Re: Bank Feeds MYOB Essentials

Hi @Jenny62 

 

This is a trickier scenario for me to answer because I'm not permitted to give tax advice.  I'd recommend you check with your accountant about the applicable tax codes.  

 

I did find this post, ANZ Business one cash back , which is a similar situation to yours and @Kym__Yeoward has provided a solution for.

 

Please let me know if I can help with anything else.

Cheers,
Tracey
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