Match a Sales Receipt and a Cheque payment to a downloaded bank transaction

  • 1
  • Question
  • Updated 1 week ago
I am using Reckon Accounts Hosted. I need help with matching imported bank transactions with entries in the register.

When we sell our product I create a sale receipt for the gross amount of the product sold. I then create a cheque to deduct the fees and charges that are deducted from our sale. 

Is there any way that I can match the sales receipt and the cheque from the register with the one downloaded bank transaction (which is the net figure of the two entries). If this is not possible what is the alternative entry that I should be making in Reckon so that I can recognise the gross income, deductions and the gst requirements.
Photo of Leigh Pickering

Leigh Pickering

  • 100 Points 100 badge 2x thumb

Posted 2 weeks ago

  • 1

Hi Leigh

 

Personally, I’m not a big fan of Bank Data importing ... I guess it makes more sense if there’s a mammoth volume of transactions but there’s too much room for error as it’s often assumed the automation is completely accurate when instead it’s totally reliant on user expertise in terms of setting up correct Rules in the first place!

 

A Clearing account (eg a dummy “Bank” account) is perfect for these scenarios - You can receive funds (eg “Deposit To” on the Customer Payment/Sales Receipt) from individual or daily Customer Invoices/Sales Receipts & pay Fees etc via “Write Chq” out of this account. 

The remaining amount(s) in the Clearing account will equal each net deposit received into the actual main bank account clearing the account back to $ 0.00 each time.

Some people like to use the “Transfer Funds” feature however I find “Write Chq” allows for more detail & is more self-explanatory.

I usually create a specific Customer, Supplier(s) (eg Amazon (Fees)”) & Other Name (eg “Amazon Net Dep”) for these transactions then memorise them as a group in order to re-use as required.

 

 

Shaz Hughes Dip(Fin) ACQ NSW, MICB

Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

Accounted 4 Bookkeeping Services

Ballajura, WA

0422 886 003

shazinoz2@bigpond.com

www.accounted4bs.com


Photo of Leigh Pickering

Leigh Pickering

  • 100 Points 100 badge 2x thumb
Thank you Shaz. That is so very helpful - problem solved!!