When I lodge a number of cheques my bank lumps them together to give one total amount in the bank feed. e.g 3 cheques for 500, 600 and 700 comes across as a single feed of 1800. I need to allocate this to 3 separate cutomers but there does not appear to be an option to do this? Can anyone tell me how to do this please?
Hello @quicky
Depending on the situation you could use a holding account (Dummy bank account in QuickFile).
(using your example)
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Set up a new account in your Banking window.
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Tag the 1800 transaction from the feed as a bank transfer to the new holding account.
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Pay the clients invoices using the 1800 balance in the holding account. Once they are all payed the balance will zero.
You need to use a holding account for cheque payments as suggested by Steve, not just for convenience but actually for correctness. When you are paid by cheque you are supposed to recognise the payment as having been made on “the date you receive the cheque, or the date on the cheque, whichever is later” (ref - VAT cash accounting rules), not the later date when the money clears into your bank account.
So you should mark each invoice as paid into the cheque holding account on the date you received the cheque, and when you later deposit a batch of cheques then the money into your current account is a transfer from the cheque holding account.
Many thanks. I’ve set up a holding account and that has allowed me to pay the client invoices as required
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