bank feed and allocating a part payment on an existing invoice

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bank feed and allocating a part payment on an existing invoice

Hi

I have just started with bank feeds in Essentials.

How do I allocate a payment that was a part payment for an existing invoice.

The bank feed was $547.25

$500 was part payment on existing invoice.

$47.25 was something I could allocate normal way.

Hope this makes sense.

 

Also, where can I go to do a tutorial on some of the bank feeds. 

 

Thanks

Sindy

 

 

 

 

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Re: bank feed and allocating a part payment on an existing invoice

Hi @Sindy2 

 

With your MYOB Essentials platform, it is a situation where you can only match or allocate. There is no provision to match a bank transaction to an MYOB Essentials transaction and then have the rest allocated.


However, what you could do would be to manually generate the allocation transaction. For example, if the bank transaction is a withdrawal select to create a Banking>>Spend Money transaction for that residual amount, for a deposit this would be a Receive Money transaction. What this will do is generate a second transaction in the Match window so you can match both the required invoice/bill and that manually created transaction to that bank transaction.

 

In terms of a tutorial, we do offer some free online training courses on MYOB Essentials. Do check out MYOB Academy for those training courses.

Kind regards,
Steven

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Re: bank feed and allocating a part payment on an existing invoice

Thank you very much for the reply Steven.

I have been trying to work out your plan for the receive money for the residual amount.
I have come up with various transactions but it never works with the reconciling. I am missing something.
I am not sure of the execution. If you are able and have time, would you be able to write the transactions here.
It seems to me that I would be better without the bank feeds function.
Thanks

 

Sindy
MYOB Moderator
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Re: bank feed and allocating a part payment on an existing invoice

Hi @Sindy2 

 

Perhaps an example is the way to go: Say I have a deposit for $150 and $100 was for an invoice with the $50 needing to be allocated to an income account:

Attachment.PNG
You would go to Banking>>Receive money and record the income allocation:
Attachment2.PNG

 

Once that transaction has been recorded, you would go to Banking>>Bank transactions>>Select Match transaction for that respective bank transaction before selecting to Filter by All transactions. You would then be able to tick the associated transactions i.e. the Receive Money and the Invoice (or Customer payment transaction):

Attachment3.PNG

 

 

 

In terms of bank reconciliation, you would have the two transactions, the recieve money transaction and the customer payment, these would total that one amount and likely already marked as reconciled when you have completed that matching:


Attachment.PNG

 

Kind regards,
Steven

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

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