An explanation as to how to use “Tag Me!” for a VAT bank transaction was provided by Support earlier.
Now looking at bank I see some are now tagged and some not.
It appears at first glance that some payments to suppliers are tagged when a purchase is marked PAID.
However some are not tagged even when invoices are paid or settled.
I can see that I am able to tag bank transactions with relevant detail but am I missing some part of payments/receipts so automatic tagging doesn’t occur and I screw up double entry?
Rather arrogant that, Paul.
Of course I can see bank balance doesn’t match.
That’s not the point, what seems to be happening is that some of invoices paid do automatically tag and some don’t. It appears that the description has to match bank statement description before it’s tagged.
So attempting to match payment against an invoice fails because the search function cannot match invoice name against bank statement.
If I have to match bank statement against invoice payment I’ll end up with suppliers ad nauseum.
As an example, most eBay payments via debit card appear on bank statement as “Card Card 58, Paypal *Eventdistro Eb” and are all different. So a payment just to “eBay” won’t match.
The bank balance may not match because when you update an invoice as paid from the invoice this itself creates a transaction in your bank account which is linked to the invoice. This is a duplicate of the transaction which has no link to anything, I hope this makes sense.
When you go to tag a transaction to a supplier such as ebay through the “Tag me” option, this searches by the payment amount rather than the supplier name. So if, for example, you had an ebay payment for £50 and an internet bill of £50, you would have to select which on of these you would want the payment linked to.
I hope all of this makes sense, but if you have any further questions, please don’t hesitate to ask.