Forum Discussion

marple's avatar
marple
Contributing User
12 months ago

Matching Contra Transactions with Bank Feed

We have a Supplier who is also a Customer so have created a Contra Account to process their Bills/Payments. I'm having a problem with matching the transfers between the Contra account and our normal...
  • Genreve_S's avatar
    Genreve_S
    12 months ago

    Hi marple,

     

    Thanks for posting your concern in the forum. 

     

    I'm sorry to hear about your difficulties matching your bank feeds. In my understanding, it's better to process both payments for invoices and bills into the Contra account and create a Transfer Money transaction from the Contra account to the Bank Account with the amount of 206.86. But I recommend speaking to an accountant or financial advisor to make sure you record this properly. 

     

    Let us know if you require any other assistance. 

     

    Thanks,
    Genreve

     

marple's avatar
marple
Contributing User

Thanks so much for your help Genreve.

 

You clarified where I had gone wrong.

 

Instead of creating Transfer Money for each bill/invoice I cancelled them and created one Transfer Money just for the Balance on the Statement (which matched the balance of the Contra Account).

The only difference for this case was I needed to Transfer From the Bank Account To the Contra not the other way around as you had suggested.

 

It worked perfectly.

Genreve_S's avatar
Genreve_S
MYOB Moderator
11 months ago

Hi marple, 

 

Thanks for the update. 

 

I'm glad you managed to fix your accounting issue. 

 

Feel free to create a new thread if you require any other assistance. 

 

Thanks,
Genreve

 

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