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

Leigh Pickering
Leigh Pickering Member Posts: 6 ✭
edited July 2020 in Accounts Hosted
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.

Comments

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,399 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited July 2020

    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


    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Leigh Pickering
    Leigh Pickering Member Posts: 6 ✭
    edited July 2020
    Thank you Shaz. That is so very helpful - problem solved!!

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