Data Feeds

10.2.1 Bank Data Feeds: Verifying the Transactions

To verify imported bank transactions, click the Bank Data Feeds button on the BANK tab or select Bank Data Feeds from the Settings menu.

Click the SDS DATA FEEDS button.

Scroll the screen to see a list of your bank accounts.

Click the ALLOCATE button next to the bank account you wish to process to display a Transaction list.

At the top of the Transaction list, Mclowd provides an Autosave option.

Autosave feature

Certain types of transaction can be Autosaved by Mclowd using the data provided by your bank, with no further user input. Select YES if you wish to make use of this facility. (Refer to Section 10.5 for further information about this facility.)

To process a selected transaction, click the Category Selection Drop-down List.

SDS data feeds - assigning a category

Category Selection list displays, with options grouped under Suspense, Income, Expense and Other.

Suspense accounts for posting bank transactions

Income categories for posting bank transactions

Expense categories for posting bank transactions

Other category options for posting bank transactions

Scroll the list to access Other options such as Asset Purchase, Bank Transfer, Corporate Action (Return of Capital) and Sale Proceeds.

Select an appropriate Category for this transaction.


NOTE: If a transaction displays for which you have insufficient information to post correctly, allocating the item to a Suspense Account will enable accurate bank reconciliation. You can return later, when adequate data is available, to remove the item from Suspense and post it, (refer to Section 10.4) or it can remain in Suspense for a practitioner to correctly allocate during end of period or tax return processing.


When you select a Category, Mclowd displays the Data Input Screen for the selected transaction type. Some relevant information will have been pre-entered by Mclowd from the imported bank data.

SDS Data feeds - add new income

You need to check and complete the data entry and save the transaction. The screen above, for example, shows a dividend receipt. You need to select the asset that generated this dividend (In this case, IEM).

Once the Asset is selected, the remaining section of the form will display for completion.

 


about the author:

Lorraine Cobcroft

With a background in accounting and financial management, followed by two decades writing software documentation, Lorraine joined the Mclowd team in mid-2016 and is enjoying working with a dynamic team to enhance an innovative product that has the potential to revolutionize the way Australians manage their retirement funding. Lorraine is also an accomplished business writer, ghost-writer, novelist and short-story writer and poet.

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