Data Feeds

10.3.3 Bank Data Feeds: Manual Import Method – Allocating Transactions

Refer to Sections 10.3.1 and 10.3.2 for instructions to manually create and import a file of bank transactions for allocation in Mclowd.
After successfully importing the file, click the ALLOCATE button to commence processing transactions.

Manual bank data import Allocate buttons

Assuming you did not auto-allocate to a Suspense account when importing (Refer to Section 10.3.1) you can now individually select and allocate listed transactions.

Mclowd displays the imported transactions.

Bank data feeds trx allocation

For each displayed transaction, Mclowd offers the option to Delete (e.g. to remove duplicates) or Verify.

To verify, select the transaction and click the arrow to the left of the drop-down selection list under the Category heading.

Mclowd displays a list of possible allocations for this transaction.

The allocation options are displayed in four distinct categories:

Suspense accounts (for allocation of transactions for which you have inadequate detail to post to the correct account):

 

 

Income accounts:

 

Expense accounts:

 

Other:

 


NOTE:  Transactions that cannot be readily allocated due to insufficient information being available should be allocated to one of the three Suspense Accounts. This enables you to reconcile the bank account. Transactions allocated to Suspense can later be moved out of the Suspense Account and into the correct account either when you obtain sufficient details to allocate correctly, or by a practitioner managing end of period reconciliations or tax returns on your behalf.


Selecting an item from this list under the Income heading will open the Income page pre-filled, ready for you to select the relevant asset, complete or edit any necessary data, and save the record.

Selecting an item under the Expense heading will open the Expense page, pre-filled, ready for you to complete or edit the record and save.


NOTE: Selecting ”All other expenses” will open the Expenses page with the form pre-filled but no expense account selected. You will be able to select the desired Expense account to which you wish to allocate.


Selecting Asset Purchase will open the Add New Asset page with the form pre-filled ready for you to complete or edit and save.

Selecting Bank Transfer will open the Bank Transfer page partly completed, ready for you to complete and save.

Selecting Corporate Action – Return of Capital will display the Corporate Action – Return of Capital page with the form pre-filled ready for you to complete and save.

Selecting Sale Proceeds will open the Asset Disposal page with the form pre-filled ready for you to complete and save.

When a transaction has been Verified, the Verified column will display Verify, indicating the transaction has been processed, and the Delete option will be removed. You can click the Verify link to reverse the transaction. (Refer to Section 10.2.9)

Transactions neither deleted nor allocated will remain in the list for processing in a future session. If you are temporarily unable to identify a transaction, you can simply leave it unverified until identification data becomes available, or allocate to a Suspense Account. Note, however, that bank reports will not include unverified transactions. Allocating to a Suspense Account is preferable as it ensures bank reports are up to date.

 

 

 


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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