allocating transactions in MYOB

[vegemite]

Hi,

A question, I have started to use the bank feed feature in MYOB.

In relation to purchases.

Do I allocate all bank transactions to the corresponding purchase entry in myob?

I don't want to allocate the transactions without asking you guys first - the experts.

It does make sense to allocate the transaction but I am not 100% sure :-).

[Celia_B]

HI @vegemite 

Thank you for your post. 

I can see that you're confused about how to allocate transactions in MYOB. In regards to this, in general, if a transaction hasn't been entered into MYOB Essentials when you are working with bank feeds or imported statements, you can allocate it directly to one or more of your MYOB Essentials accounts. The time you would have spent manually recording a transaction will be saved. 

You can check this Help Article: Allocating bank transactions. It includes additional information that you can use as a reference. 

Let me know if you need further assistance with this. I am happy to assist you. 

Best Regards, 

Cel 

[vegemite]

Thank you Celia.

I am doing my best to prepare my tax return for the account - to save money...

I assume it would not balance correctly if I do not match all the purchase entries in MYOB with the corresponding bank feed?

[Celia_B]

Hi @vegemite 

Thank you for getting back to us.

Allocating, and Reconciliation are an essential task and therefore a must to ensure it is completed correctly. If the entries did not match the correct bank feed your balance would be incorrect. Kindly check on the Help Article that I provided in the my previous post. 

If you need further assistance or if you have more questions, don't hesitate to post again. I'll be happy to assist you further. 

Thanks, 

Cel