If you have two financial accounts set up as bank accounts, you'll likely be entering/importing statement data just as it appears on that financial account's statement.
If there's a transfer of an amount between the two accounts, normal coding of the reciprocal transaction to the other account would create a duplicate of the same entry. This means it will appear in both accounts twice in the General Ledger.
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 (bulk) line transfer matching
Transfer matching - Single line
In the example below, we've added the current account statement data (all transfers for convenience). As the HSBC bank statement data isn't yet posted, there's nothing to match with.
In the current bank statement batch entry, we click the single transfer button and select Transfer without matching.
We select the HSBC current account from the dropdown.
Click Save.
You'll notice that the line in the statement becomes pink. This is because it's currently an unmatched transfer. It will also appear as pink in the General Ledger until it's matched.
We now assume that the current statement batch entry was successfully posted (above) for all transfers.
Next, in the HSBC statement batch entry, we click the single transfer button
. We select the current account from the dropdown.
As there are posted matches from the current account found, we can select from the list the correct transfer amount to match with.
Save.
When it's successfully matched, the line will no longer be pink in the statement window.
As soon as the HSBC Bank statement batch is posted successfully, the transfers are fully matched.
📌TIP: If you have many entries to match, use the multiple (bulk) line transfer matching method outlined in the next section.
Transfer matching - Multiple (bulk) lines
In the example below, we've added the current account statement data (all transfers for convenience). As the HSBC bank statement data isn't yet posted, there's nothing to match with.
In the current account statement batch entry, we select all relevant transactions, then click Transfer.
Within the multiple-line transfer pop-up, from the dropdown at the top, select HSBC as the bank account to transfer with.
Click Transfer all without matching.
Click Save.
Here again you'll notice that all lines become pink in the statement window. This is because they're all currently unmatched transfers.
Next, in the HSBC statement batch entry, we select all the relevant transfers to the current account and click Transfer.
Within the Multiple bank transfer window, as soon as we select the current account, the system will automatically auto match with the previous entries already transferred from the current account to HSBC.
📌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 transfers are all now successfully matched, and the transferred lines are no longer pink.
📎NOTE: The system will match all transfers as soon as the HSBC Bank statement batch is posted successfully.