If you have multiple bank accounts with transfers between them, you need to match those transfers when you process your bank statement. This is to avoid duplication.
Why do I need to match transfers?
If you code both transactions in the normal way between the two accounts, this will create a duplicate. This means it will appear in both accounts twice in the ledger activity.
AccountsPrep doesn't allow normal coding between two accounts set up as Bank Accounts. This means you can't code a payment or receipt line in a Bank Statement batch entry to another Bank Account.
Instead, you must use our Transfer Matching function. There are two ways to use this function:
Single-line transfer matching
Multiple line transfer matching (bulk)
Transfer matching - Single line
When we process the first account statement, we can mark the transactions as transfers but there's nothing to match with yet. We’ll be able to match the transactions when we process the second statement.
In the example below, we process the current account first, and then the HSBC account.
First statement: Mark the transfer without a match
Edit and process the first bank statement batch entry. (Current account)
From the transaction line, click the single transfer icon.
In the Bank transfer window, select the second account (HSBC) from the drop-down.
Tick Transfer without matching: This will mark the transaction as a transfer, which will then be available to match with later.
Click Save.
After we save, the line in the statement becomes pink. This is because we haven't fully matched yet. It will also appear as pink in the ledger activity until we process the second transaction in the other statement.
After we post the current statement batch, the transfer is now available to match with in the other statement.
Second statement: Match with the existing transfer
Process the second statement batch entry (HSBC).
Select the transaction and click the single transfer button
. Select the first account from the drop-down.
As we now have matches from the current account found, we can select from the list the transaction to match with.
Click Save.
After we match a transaction and save, the line is no longer be pink in the statement window.
As we post the second Bank statement batch, this will match all the transfers in the system.
📌TIP: If you have many entries to match, use the multiple (bulk) line transfer matching method outlined in the next section.
Transfer matching - Multiple lines (bulk)
In the example below, we follow the same basic process as above, except that we match several transactions at the same time.
When we process the first account statement, we can mark the transactions as transfers, but there's nothing to match with. We can only match the transactions when we process the second statement.
In the example below, we process the current account first, and then the HSBC account.
First statement: Mark all the transfers without a match
Process the first account (current account).
Select all the relevant transactions, then click the Transfer button.
The Multiple bank transfer matching window opens.
From the drop-down at the top, select the second account to transfer with. (HSBC in our example)
The system finds no match.
Tick Transfer all without matching:
This will mark the transactions as transfers, which will then be available to match with later.
Click Save.
As we save, all the lines become pink in the statement window. This is because they're all currently unmatched transfers.
Second statement: Match all with the available transfers
Edit and process the second statement batch entry (HSBC).
Select all the relevant transactions, then click the Transfer button.
The Multiple bank transfer window opens.
Select the first account (current account):
The system automatically auto matches with the entries we marked as transfers earlier.
📌TIP: You can undo any of these by clicking the drop-down, then either Manual to rematch it or select 'none' (No match).
Click Save. The lines are no longer pink.
Click Post to match all the transfers successfully.