Bank Feed + Bank Reconcillation

Hi Team,

MYOB AccountRight-Need help for Bank feed and reconciliation.

Here is my query.

How can I reconcile if I made a single payment for multiple suppliers?

For example,

Total Bill paid is : $50,000.00

But

This bill is for three suppliers;

Supplier A-$25,000.00

Supplier B-$10,000.00

Supplier C: $15,000.00

In this situation, how can I allocate them in a single payment of $50,000.00?

Please give me a suggestion in this regard. I am not able to pick the respective bills when I try to reconcile.

Thank you very much in advance.

Any tutorials you can suggest to me, please?

Genreve_S
2 years ago
Hi obododan,

Thanks for the response and thank you for repeating the concern.

I'm sorry if I confused you in my previous reply. The electronic payment process will still apply to this, as we are just trying to match one bank feed transaction to 3 different payment transactions in the file. We are simply passing individual payments to the clearing account and moving as a bulk transaction to the bank account of choice.

The process is as follows.

Record all three purchase bill payments making sure that instead of choosing the bank account mark the electronic payment button.

Open Banking > Prepare electronic payments window.

Choose the bank account and date of the bulk transaction.

Mark all three transactions that make up the bulk transaction.

Make sure that the Total Payment amount equates to the bank feed transaction amount.

Click the Bank File button.

If this is followed correctly, the electronic payment will automatically match with the bank feed (given they have the same date and amount).

Let us know if you require any further assistance.

Cheers,
Genreve

Genreve_S
MYOB Moderator
2 years ago
Hi Anil7852,

Thanks for posting and welcome to the Community Forum.

I understand that there are instances in which we need to match 3 payments to one invoice. In these cases, we generally record the payments to an electronic clearing account first and move them to the bank feed account following this. Here is the help article Making electronic payments directly, this is a step-by-step guide to the process.

Let us know if you require any further assistance with this. We're happy to help.

Cheers,

Genreve
- obododan
  2 years ago
  Dear, Genreve_S
  Thanks for your reply.
  However,
  My scenario is: -My senior already paid three invoices in a single payment and now it appears in the Bank feed. Now I have to allocate three invoices to that amount.
  
  I need to match three invoices from different suppliers for a single payment.
  if you can advise me MYOB steps, that would be really helpful.
  
  Thanks again.
- Genreve_S
  MYOB Moderator
  2 years ago
  Hi obododan,
  
  Thanks for the response and thank you for repeating the concern.
  
  I'm sorry if I confused you in my previous reply. The electronic payment process will still apply to this, as we are just trying to match one bank feed transaction to 3 different payment transactions in the file. We are simply passing individual payments to the clearing account and moving as a bulk transaction to the bank account of choice.
  
  The process is as follows.
  
  Record all three purchase bill payments making sure that instead of choosing the bank account mark the electronic payment button.
  
  Open Banking > Prepare electronic payments window.
  
  Choose the bank account and date of the bulk transaction.
  
  Mark all three transactions that make up the bulk transaction.
  
  Make sure that the Total Payment amount equates to the bank feed transaction amount.
  
  Click the Bank File button.
  
  If this is followed correctly, the electronic payment will automatically match with the bank feed (given they have the same date and amount).
  
  Let us know if you require any further assistance.
  
  Cheers,
  Genreve
  - Anil7852
    Contributing User
    2 years ago
    Hi Genreve_S
    Thanks for your reply, very helpful.
    
    However, my problem has not been solved.
    
    again here,
    
    Payemts has been made as follow
    Each amount given below is the sum of different bills within in single supplier.
    Supplier name : 001 ,002, 003..........010 )
    
    (Above single amount, for example: $1886.50 , this amount is the sum of three different bills for a single supplier.
    
    This will be a total of $49191.59.
    This amount is already paid so it now appears in Bank feed.
    
    This is how it now appears.
    Now i have allocate this amount to the different invoices of different suppliers.
    
    If I go to NEW-PAY BILL I am not able to select different invoices.
    
    I can not do SPEND MONEY cause i would like to make the invoices as paid( Not manually)
    
    Not sure how this payment was done (ABA file or not)
    I can not to anything by clicking on FIND .
    
    Please help me again how can i approve them, i have been struggling for a few weeks.
    
    Providing any support team phone number will be highly appreciated.