When you have insufficient data to correctly allocate a transaction, the Mclowd™ team recommends that you allocate it to a Suspense account rather than leaving it unverified. This ensures bank reports are up-to-date and bank reconciliation can be performed easily.
When data becomes available, you will want to move the transaction from the Suspense Account to the correct account.
To re-allocate a transaction from a Suspense Account, go to the main Data Feeds menu, accessed from the Data Feeds tab.
Click the SUSPENSE ACCOUNT ALLOCATION button.
Mclowd displays the Suspense Account Allocation screen:
You have the option to choose which of the three Suspense Accounts you wish to view: General, Bank Clearing, or Pension Suspense.
Mclowd also allows you to filter transactions by date range.
Mclowd displays all transactions that match the Filter Specification you enter.
The total unallocated debits and unallocated credits are displayed.
Clicking the Please Select arrow in the Category Column displays the same account allocation options as displayed when originally allocating from the Bank Data Feed, except that the Suspense Account options are not shown.
You can now allocate any item on the list using the same method as used to allocate from the screen.
Note that Mclowd™ displays the total Debits and Credits in the displayed Suspense Account above the transactions list:
The total debits or credits should reduce as each transaction is correctly allocated.
