I have a client who receives through their EFTPOS machine, payment for various clients invoices, as well as small amounts of funds for parts etc.
Currently in MYOB the only way these can be reconciled is by creating a clearing account, matching the bank statement line to this account, and paying off the invoices / creating receive money through the same clearing account.
There should be a way in which we can allocate part of the bank statement line to multiple invoices, as well as receive money transactions. I am aware that other softwares have this function at the moment and think it would be beneficial for MYOB to also have this, as I am sure my client isn't the only one with this issue.
Thankyou!
- David_Cree10 years agoUltimate Partner
Hello Bec,
Reconciling your bank account this way is the hard way to do it.
It is much easier, and more accurate to use the Prepare Bank Deposit function in the software.
in this way you can correctly allocate EFTPOS/ Card receipts to the daily amount showing in the bank statements, and to prepare the cash/cheques deposits.
the process is described in theis MYOB Support Note.
http://myobaustralia.custhelp.com/app/answers/detail/a_id/9080/kw/9080
One tip that is not in this support note is to set the default for the Undeposited Funds Account. go to Setup / Preferences / Banking and tick the option "When I receive money, I prefer to group it with Other Undeposited Funds."
Also see this website.
http://help.myob.com/wiki/display/ar/Preparing+a+bank+deposit
I hope this is of assistance.
Cheers
David
Related Content
- 7 months ago
- 8 months ago
- 12 months ago