As a convenient alternative to entering Expenses and Payments through the Expenses Tab, users may choose to use Bank Data Feed Allocation to simply allocate a payment showing on a bank statement to an expense account. This reduces the amount of data entry required and reduces the potential for error.
User may purchase Bank Data Feeds as a Paid Extra for a small annual fee, enabling direct connection from Mclowd to your bank accounts and automated import of all bank transaction data.
Alternately, at no cost, users can export bank statements manually and import an Excel data file to Mclowd.
A further advantage of using Bank Data Feeds is that unidentified transactions, or transactions for which you have inadequate information to facilitate correct posting, can be allocated temporarily to Suspense Accounts, ensuing bank accounts can be reconciled. When further data is available, Mclowds SUSPENSE ACCOUNT ALLOCATION function allows quick and easy re-assignment of amounts from the suspense accounts to the correct account.
Refer to Chapter 10: Bank Data Feeds for detailed instructions for using Bank Data Feeds to post expenses and payments.