Bank Rec - weekend transactions
Hi. I am trying to Reconcile the bank account for 30/09/2023. The 30th is a Saturday.
Here in New Zealand banks are now processing transactions on weekends. This is new since a few months ago.
The Bank feed has dated the 30/9 transactions as 2/10, even though on the Bank statement is clearly shows 30/9. So now I cannot reconcile the bank account to the Bank statement.
I am new to MYOB (6 weeks in). My questions if someone can help please:
1. Why does MYOB bank feed show the date as 2/10, when on the statement it is 30/9?
2. Has MYOB not updated yet to allow for weekend bank transactions?
3. If not, when will this be happening?
4. How do I get around this issue? As an Accountant it is unsettling not being able to reconcile the Bank at month end due to system limitations.
Anyones help appreciated
Regards
Nick
Hi Nick_McDonald,
Thanks for posting your concern in the forum.
I'm sorry to hear about your difficulties reconciling your accounts. Generally, the bank feed only provides information that the bank has given. If the date of the bank feed is incorrect, I would suggest contacting the bank.
For the ledger account, I suggest creating a transaction with the right date(30/9/2023) from the bank feed window(Banking > Bank Feeds > Click new (drop-down next to the transaction) > Choose the kind of transaction (spend money, receive money, receive payment, pay bill, or transfer money)> edit the date > record. This will result in a ledger transaction with the date of 30/9/2023 matched a bank feed with a date of 2/10/2023.
Also, you can read the article About bank feeds. This would give you more information about how bank feed works in the application.
Let us know if you require any further assistance with this. We're happy to help.
Cheers,
Genreve
