Data Feeds

10.4 Bank Data Feeds: Re-allocating Transactions from Suspense Accounts

When you have insufficient data to correctly allocate a transaction, the Mclowd team recommends that you allocate it to a Suspense account rather than leaving it unverified. This ensures bank reports are up-to-date and bank reconciliations can be performed easily.

When data becomes available, you will want to move the transaction from the Suspense Account to the correct account.

To re-allocate a transaction from a Suspense Account, go to the main Bank Data Feeds menu, either from the Bank Tab.

Bank tab menu

 

or from the Settings Menu:

Setup memu

Click the SUSPENSE ACCOUNT ALLOCATION button.

Mclowd displays the Suspense Account Allocation screen:

Suspense account allocation screen

Note that you have the option to select a date range and to choose which of the three Suspense Accounts you wish to view: General, Bank Clearing, or Pension Suspense.

Suspense account options

Mclowd displays all transactions that match the Filter Specification you enter. Clicking the Please Select arrow in the Category Column displays the same account allocation options as displayed when originally allocating from the Bank Data Feed, except that the Suspense Account options are not shown.

Assign transaction from suspense account

You can now allocate any item on the list using the same method as used to allocate from the Bank Data Feed screen.

Note that Mclowd displays the total Debits and Credits in the displayed Suspense Account above the transactions list:Suspense account totals

The relevant total should reduce as each transaction is correctly allocated.

 


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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