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.
or from the Settings Menu:
Click the SUSPENSE ACCOUNT ALLOCATION button.
Mclowd displays the 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.
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.
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:
The relevant total should reduce as each transaction is correctly allocated.
- 1. Introduction
- 1. The Marketplace: INTRODUCTION
- 1. Your Account – Introduction
- 1.1 Signing up to Mclowd
- 1.2 Your Account: Signing In to Mclowd
- 1.2 The Marketplace: Accessing the Marketplace
- 1.3 Managing your Mclowd Account
- 1.3 The Marketplace: Platform Integration
- 1.4 The Marketplace: Functionality
- 1.5 The Marketplace: Fees and Security
- 1.6 The Marketplace: Logging in and out
- 10. Data Feeds – Introduction
- 10.1 Bank Data Feeds: How to Subscribe
- 10.2 Bank Data Feeds: Automated SISS Import Method
- 10.2.1 Bank Data Feeds: Verifying the Transactions
- 10.2.2 Bank Data Feeds: To Verify a Dividend Receipt Entry
- 10.2.3 Bank Data Feeds: To Verify Interest Received Entry:
- 10.2.4 Bank Data Entry: To Verify a Pension Payment or Commutation Entry
- 10.2.5 Bank Data Feeds: To Verify an Expense Entry
- 10.2.6 Bank Data Feeds: To Verify a Bank Transfer Entry
- 10.2.7 Bank Data Feeds: To Verify Other Transaction Types
- 10.2.8 Bank Data Feeds – Allocating to Suspense Accounts
- 10.2.9 Bank Data Feeds: Correcting Verification Errors
- 10.3 Bank Data Feeds: Manual Import Method
- 10.3.1 Bank Data Feeds: Creating a File for Manual Import
- 10.3.2 Bank Data Feeds: Manual Import Method – Importing a File
- 10.3.3 Bank Data Feeds: Manual Import Method – Allocating Transactions
- 10.4 Bank Data Feeds: Re-allocating Transactions from Suspense Accounts
- 10.5 Bank Data Feeds: The Auto-save option
- 10.6 Exporting Bank Transactions