Hello what is the process to match bank transactions with sales invoices.
Scenario:
I have imported a bank statement (great) I have cleared the transactions and reconcilled the bank account. All good
I have outstanding invoices…the customers have paid, however how do I match the imported transactions to the sales invoices in the software?
I have an amount of $1475 which has been cleared, but the invoice is still in the system, how do i tell the software that the amount of 1475 relates to that invoice. In xero it just comes up and you reconcile against that invoice.
To associate a receipt in an imported bank statement with a specific invoice requires you to edit the transaction before doing the Bulk Update. Otherwise, assuming you have a bank rule that recognizes the customer, the receipt will be allocated automatically to the unpaid receipt with the oldest due date. If you haven’t read them, see these Guides:
All the imported transactions had a payee, however the payee is not always the same as the name on the invoice. So the only way to code the transactions to a sales invoice is during upload? and you have to manually change the names of the payee and then the software will recognize the outstanding invoice that is related to the payee?
This is cumbersome and rather backward, xero for example recognises that there was $50 paid and 2 outstanding sale invoices for $50, you can then choose which invoice to code that transaction too.
However from the guides I see that you would manually need to type in the name so have all the outstanding invoices printed in a report and then manually find the match?
What happens now that I have already uploaded the transactions how can I match them to the sales invoice?
No on two counts. (1) You don’t have to change the name at all. You can post any receipt to any customer, regardless of the payer’s name in the imported statement. So if your customer is XYZ Clothing and the receipt comes from its parent company, ABC Consolidated Holdings, you can still allocate the receipt to XYZ. (2) Manager will not recognize which specific invoice of XYZ is involved unless you edit that, too. But, as I said before, you don’t need an invoice number to apply a receipt to a customer’s account.
But suppose you had 200 customers for the same monthly service. You are in the same position of looking at a long list of possibilities. Or suppose one customer pays 50 on a 50 invoice, while another pays 50 on a 100 invoice. With the approach you describe, you would not have the option to allocate the payment to the 100 invoice.
No. Once you allocate to Accounts receivable and have selected a customer’s subaccount, only that customer’s invoices are available. If the customer has so many you cannot identify the relevant one, you could look at only that customer’s list of receipts in the Customers tab. No need for a printed report. Generally, though, the receipt is going to apply to the highest-numbered sales invoice for that customer.
Edit them in the Bank Transactions tab. Or, if you were not able to allocate them, they will be in the Suspense account. In that case, see Manager Guides.