BankData - How do I match a single transaction (deposit) with multiple invoices...? or vice versa (multiple deposits to one invoice)..??

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Surely it is pretty normal for customers to pay multiple invoices in on go - resulting in one bank transaction (deposit), that needs to be matched to multiple book entries (invoices)...?? OR... when a client pays an invoice, then later pays the remaining balance... (so would have multiple deposits to match against single invoice).

Can BankData do this...? I have burnt numerous hours trying to work it out... I am on Accounts Premier 2014.

Any ideas from others more fluent in this product would be much appreciated..!

Thanks team,
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JamesT

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Posted 5 years ago

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Kelly Day, Accredited Partner, Accredited Partner

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Hi James.

Customer Receipts, if batching, use Undeposited Funds, then Deposit (select receipts to batch from list) then batch total deposits to bank.

If you are talking about paying multiple suppliers in a batch and utilising ABA files, that is a different scenario altogether and we usually create a clearing account with the online banking details setup, create supplier batch payments via this clearing account and then record a cheque for the total batch out of the operating account to the clearing account to CLEAR the balance to zero - if it ain't zero, it ain't cleared - CLEARING ACCOUNTS SHOULD ALWAYS RETURN A NIL BALANCE.

If neither of the above help you work it out - then perhaps re-define your question a little.
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Kylie Martin

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I have the same issue regarding multiple payments in an ABA file not matching when using bank data feeds.  I am not quite understanding the clearing account process you are referring to?  Could you elaborate on this?
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Reckon FAQs, Employee

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Kylie,
Thanks for asking.

In situations where you make multiple payments in Reckon Accounts that appear as one payment in your bank account (or vice-versa), then you need to utilize a second bank account (a Clearing Account).  So you'll have two bank ledger accounts for your one bank account.  Make the multiple payments that will appear as one payment in your bank from your "Bank Clearing Account" then do a Bank Transfer to your main account to reduce the Clearing Account to zero.  Now your main bank ledger account will show one entry that you can directly reconcile to your one bank entry.  The details are stored in the Clearing Account.

As you are using both Online Banking (ABA files) and BankData, make sure your bank clearing ledger account that will make the ABA payments lists your account's BSB with a dash (123-456) while your  main bank ledger account that receives transactions through bankdata has the BSB listed as numbers only (123456).  See this article for details.   


Hope this helps.

regards,
John.
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JamesT

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Thanks for the comment Kelly. I think we are talking about different things though... My question is about reconciling transactions that have already been created, and payment received..

A simple example might be - client sent numerous invoices over time (say 1 each month..). The client pays all 3 outstanding invoices in payment. When trying to reconcile how do I match the 3 invoices, with the 1 receipt..??

Also opposite can occur - ie/ Client sent one invoice, but pays half now and half next week. When reconciling can I match the 1 invoice, with 2 deposits received..??

Hope that is a bit clearer...! Thanks heaps.
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Kelly Day, Accredited Partner, Accredited Partner

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Hi James,

So you are trying to use BankData to do your data entry?

I train my clients to do their data entry THEN use BankData to reconcile

When you receive a payment from client, Receive Payment for full amount, assign to corresponding invoices and deposit to Bank Account at the time of receipt.  

Alternatively, using BankData, when you see the payment in the list, instead of using BankData to record the entry, go to Receive Payments, enter it manually as above and BankData will match it for you, thereby speeding up the reconciliation process.

Hope that helps more - I use BankData this way and it works fine

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