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Product Ideas

Bank Feeds: Ability to match one bank transaction to multiple myob transactions

Experienced Partner

125Posts

281Kudos

0Solutions

125 Posts
Experienced Partner
Australia

I'm sure this would have been suggested before And I can't find it.

Two+eftpos payments received in one day.

Unable to match two to one?

Am I missing something?

If so please enlighten me.

 

Thanks

Current Status: Done
Last Changed: January 2023

Hi Everyone


The AccountRight browser interface allows users to select multiple transactions to match the one bank feed transaction to multiple recorded transactions.

In the AccountRight desktop application, you would want to complete this process through the Prepare bank deposit window and then use the Match functionality in Bank feeds.

82 Comments
jenniek
Ultimate Partner
2,922 Posts
Ultimate Partner

This was first posted in 2013 - and has been under consideration for a long time. Are we any closer to getting this option??

KattC
790 Posts
Former Staff

Thank you for your feedback @jenniekThe normal process for an Idea posted on Ideas Exchange would go through a few stages. We would mark the post as "Under Consideration" and encourage users to vote and comment for this idea. If the idea does generate a number of votes and comments we mark it has high demand meaning we will investigate and attempt to implement that idea ahead of other ideas with lesser demand.

 

As of today the idea exchange have had 66 ideas implemented from it and some of the ideas have been marked as Planned.

 

We currently don't have a timeframe as to when this is to be included in the program. However I would encourage other members of the MYOB Community to vote and comment if required. 

David_Cree
Ultimate Partner
1,158 Posts
Ultimate Partner

Hello Melanie,

I would be using the Prepare Bank Deposit and the Prepare Electronic Payments features in MYOB to help to resolve the issues you appear to be having.

Do Receive Money entries for each customer using the correct Card. Select the Undeposited Funds as the Bank account for the deposit.

Then use Prepare Bank Deposit. select all the amounts and this should equal the total amount received. Select the Bank account that the funds have gone to.

The total will then appear in the Bank account and enable it to be matched to the Bank Feed amount.

 

A similar process is used for multiple payments that you make to suppliers using the Electronic Clearing Account, even if you do not send the ABA file to the bank but use ComBiz.

 

You have said that your customer pays the invoice but the bank shows it as one or 2 receipts. I think that this is not the bank doing this but your customer who may have a daily limit on what can be transferred and so makes it in 2 or 3 payments. If this is the case you need to check the individual amounts received and make the appropriate Receive Payments for each ammount & date, rather than just receiving the total amount that the customer advised. You will then be able to match the individual Bank Feed amounts.

 

For more details on using Undeposited Funds, Prepare Bank Deposit amd prepare Electronic Payments see these MYOB Support Notes -

http://myobaustralia.custhelp.com/app/answers/deta​il/a_id/9080/kw/9080

http://myobaustralia.custhelp.com/app/answers/detail/a_id/9244

 

Cheers

David

jenniek
Ultimate Partner
2,922 Posts
Ultimate Partner

I agree David - however Essentials allows multiple matching - so why not AccountRight.

Also the issue of using the electronic payments account for prior days processing is not ideal - basically you can't do it. So for someone doing catch up processing, they need to have another bank clearing account to get processing correct - a lot of extra time spent - when matching multiple transactions would be easier and quicker.

David_Cree
Ultimate Partner
1,158 Posts
Ultimate Partner

Hello Jennie,

Thanks for the clarification re AR compared to Essentials.

Indeed why not?

Cheers David

KattC
790 Posts
Former Staff

Hello @jenniek and @David_Cree

 

Thank you very much for the feedback in regards to multiple transactions matched to bank feeds. Other users if you would like this to be in future upgrades please vote and leave your comments.

melslade
Contributing Cover User
11 Posts
Contributing Cover User

Thanks David I am aware of the electronic payment option but as I said, that is just another added step and as it currently stands, it is much easier to simply reconcile manually. As for bank deposits I do mean bank deposits not client direct deposits which are completely separate.

Steven_M
45,180 Posts
Former Staff

Hi @melslade

 

Thank you for your additional feedback in regards to this idea. Processing an electronic payment would be an increase in the workflow process, allowing a bank feed to be matched to multiple payments would make it easier. However @David_Cree's suggestion is a fantastic workaround that can be used. For more information into electronic payments please see Help Article: Electronic payments

melslade
Contributing Cover User
11 Posts
Contributing Cover User

How ever you look at it, it is still an increased workload. The whole point of this feature is to save time on reconcilliation is it not? Until bank feed is modified to accommodate multiple entries for one transaction I will be manually reconciling as it is much quicker.

Steven_M
45,180 Posts
Former Staff

Hi @melslade

 

Thank you for your feedback in regards to this. 

I personally actually disagree with this idea, however I can see the benefit of it for clients. The reason why I disagree with it is the principle of bank feeds is to make bank reconciliation easier. A reconciliation being matching your transactions in AccountRight with your transactions on your bank statement/from your bank. If you are recording multiple transactions in AccountRight but only one transaction is going through your bank account then you are not truly reflecting what your bank statements shows and therefore not "truly" reconciling your account. In theory for it to be a "true" reconciliation you should be matching what is showing on the bank statement and this would mean having one transaction flow through the bank account, such as using Prepare Electronic Payments or Prepare Bank Deposit. Having said that I do see the benefit of it for clients to improve the workflow and allow for clients that would like to match transactions to multiple AccountRight transaction the ability to do so. I have also shared your feedback in regards to this idea with the team.

You also mentioned that you would like to manually reconcile your accounts, you are more than welcome to do that. I would just like to mention that unless you have contacted the bank feeds team on 1300 555 931 , the feeds will still come through. This does mean that when you decided to use bank feeds again to reconcile your accounts you would have to have to manually hide the transactions, currently one by one, that have been stored up. I would suggest if you don't wish to process a Prepare Electronic Payment or Prepare Bank Deposit process, that you use bank feeds for the transactions that you want to match one bank feed to one AccountRight transaction then use the Reconcile Accounts screen for the multiple transactions and hide the bank feed.To hide a bank feed you would right click on the bank feed transaction and select Hide Transaction.