Multiple vendors paid in same ABA file - no match suggested - how to allocate and clear bank side?

mjohnson_fr
mjohnson_fr Member Posts: 13 Reckoner Reckoner
in Reckon One

I've paid two different vendors in one ABA file. How do I now match the single bank feed entry to the two vendor payments? If it cannot be matched within the "Bank transactions" window, what is the workaround so that I can proceed to reconcile the bank?

Best Answer

  • klaura
    klaura Reckon Staff Posts: 438 Reckon Staff Reckon Staff
    Answer ✓

    Hi @mjohnson_fr,

    Creating a clearing bank account is one of the workarounds that many of our experienced users have found helpful in similar situations. While it is a bit more complex, it tends to be effective for most. I will certainly keep this thread for future reference. Thank you for sharing your insights.

    Best regards,

    Karren

Answers

  • klaura
    klaura Reckon Staff Posts: 438 Reckon Staff Reckon Staff

    Hi @mjohnson_fr,

    Due to product limitations, an alternative approach is to process the two payments manually and subsequently delete the corresponding bank transactions.

    I hope it helps.

    Best regards,

    Karren

  • mjohnson_fr
    mjohnson_fr Member Posts: 13 Reckoner Reckoner

    Hi Karren, thanks for the response.

    As I prefer to keep the integrity of the bank payment file, I've created a "Bank Clearing" bank account, and entered a series of transfers that nett to Nil, e.g. Transfer 278 from Transaction account to Clearing account, Transfer individual vendor amounts of 102 and 176 back.

    I was then able to "match" the AP Payment of 278 from the bank feed to the transfer. I then included the transfer amounts in the daily bank reconciliation entries to clear both the Transaction account and the Bank Clearing bank accounts.

    I used to do something similar a long time ago to match Merchant Transactions to a single bank deposit receipt (Amex, Paypal, Visa/MC for example) - "depositing" into "bank in transit accounts" and then transferring a single amount to the actual bank account to have a 1:1 match. Would need to do this as due to both merchant cut-off times and merchant settlement days, not all of the merchant transaction dates would match the actual payment transaction dates experienced by the customer. We would also then recognise the Merchant fees at the same time, e.g. Amex deposit nett of their fees so we would transfer the nett amount and "pay" the Amex settlement fees in the "Bank in transit" account.

    ok to close this thread, thanks!

    Kind regards,

    mjohnson_FR

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