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Bank Feeds from BOQ not aggregating electronic payments

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sim_myrt
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sim_myrt
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Bank Feeds from BOQ not aggregating electronic payments

I am finding the bank feeds feature really useful and fast to enter receipts.

 

However we have an inconvenient issue with matching bank feeds from "BOQ specialist" with regard to "electronic payments" for multiple bill payments or payroll pays.  we create the .aba file and use it to initiate the transactions.

 

MYOB creates the transaction from electronic clearing account to a single amount in the bank account. This is the same as the end of month bank statement. The issue is that BOQ sends back each individual item in the bank feeds, not the total batch figure.  To get around it we then "hide" each of the items, and manually reconcile the total batch figure. But this is tedious and takes more time.

 

I guess the other banks send a single aggregate figure.   In any case does anyone have a faster solution for us?

 

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MYOB Moderator Neil_M
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Neil_M
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Re: Bank Feeds from BOQ not aggregating electronic payments

Hi @sim_myrt 

 

Its up to each individual bank how they send the information through the bank feeds. Some send those transactions as an aggregated single figure whilst others split it out to individual figures.

 

Outside of the method you currently use, there’s not really a clean easy way to speed up the process when looking at the entire process. For the bank feeds to match you would need each of the individual transactions in the bank account linked to the bank feeds.

 

Hypothetically speaking you could prepare electronic payments for each individual transaction, however this may not be viable depending on the number of individual payments, and consequently aba files to be uploaded.

Regards,
Neil

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sim_myrt
4 Posts
Cover User
Australia
sim_myrt
Cover User

4Posts

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Re: Bank Feeds from BOQ not aggregating electronic payments

Thanks. I guess we will continue to "hide" the bank feeds for now.

 

Perhaps MYOB could add an optional tick box in the "prepare electronic payments" window, saying whether to balance the clearing account with an aggregate figure  in the bank, or each individual item. In the latter case the bank feeds would then automatically match.

 

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