Objective
This overview will provide two methods of matching transfer between bank accounts.
Applies To
AccountsPrep users.
Procedure
If you have two financial accounts set up as bank accounts, we expect you'll be entering/importing statement data just as it appears on that financial account's statement (i.e. all payments/receipts).
Transfer problem
If there is a transfer of an amount between the two accounts, normal coding of the reciprocal transaction to the other account would create a duplicate of the same entry (as it will appear in both accounts twice in the General Ledger).
Transfer solution
We don't allow normal coding between two accounts set up as bank accounts.
This means you can't code a payment or receipt line in a Bank Statement batch entry to another bank account.
Instead, you must use our Transfer Matching function, in one of two simple ways outlined below.
Two ways to perform Transfer Matching
Single line transfer matching.
Multiple (bulk) line transfer matching.
1. Single Line Transfer Matching
In the demos below, we have firstly added the Rabobank statement data (all transfers for convenience). As the HSBC bank statement data is not yet posted, there is nothing to match with.
Therefore, in the Rabobank statement batch entry, we hit the single transfer button and choose Transfer without matching as follows:
from Rabobank account > HSBC account
You will notice that the line is pink. This is because it is currently an unmatched transfer. It will also appear as pink in the General Ledger until such time as it is matched.
We now assume that the Rabobank statement batch entry was successfully posted (above) for all transfers.
Next, in the HSBC statement batch entry, we click the single transfer button and because there are posted matches from Rabobank found, we can select the correct amount to match with.
from HSBC account > Rabobank account
When it is successfully matched, the line will no longer be pink.
As soon as the HSBC Bank statement batch is posted successfully, the transfers are fully matched.
Next, if you have a lot of entries (like we did above) there is a slightly quicker way than single line-by-line matching.
2. Multiple (Bulk) Line Transfer Matching
In the demos below we have firstly added the same Rabobank statement data (all transfers for convenience). As the HSBC bank statement data is not yet posted, there is nothing to match with.
This time, in the Rabobank statement batch entry, we check the boxes of all transfers to HSBC and then click the Transfer button.
Within the multiple line transfer pop-up, select HSBC and click Transfer all without matching as follows:
from Rabobank account > HSBC account
Again, you will notice that all lines are pink. This is because they are all currently unmatched transfers.
We now assume that the Rabobank statement batch entry was successfully posted (above) for all transfers.
Next, in the HSBC statement batch entry:
Check the boxes of all relevant transfers and hit the Transfer button.
As there are posted matches from Rabobank found, the system will attempt to auto-match whatever it can (as shown in the demo below).
You may undo any of these by clicking the drop-down, and either rematch it (Manual) or select 'none' (No match).
from HSBC account > Rabobank account
They are all now successfully matched, so the transferred lines are no longer pink.
As soon as the HSBC Bank statement batch is posted successfully, the transfers are all matched.