It’s a weird day up here in the Blue Mountains. Sun then rain then mist then sun. The snails continue their crusade against my strawberry patch, whatever the weather.
Anyway, it was a perfect afternoon for getting some more work done in LiveAccounts. Last time I worked on my file I did the very stupid thing of importing a whole batch of banking transactions into the wrong account. The MYOB tech support team offered to fix up these transactions and when I logged on today, this job was done. Phew (and thank you team!) I then imported the batch of transactions once more, this time without a hitch.
I then spent 30 minutes or so allocating transactions. As I’ve said earlier in this blog, I reckon that bank feeds are the best innovation to hit accounting software since the death of MS-DOS (any readers remember that dreadful C:> prompt?). I could barrel through 50 transactions in no time at all, including setting up bank rules so that these transactions can get allocated automatically next time around.
The bank rules in LiveAccounts are very simple to configure. On the upside this simplicity means there’s little potential for confusion; on the downside I suspect the lack of sophistication means all transactions won’t get coded automatically in the way that I reckon they will with Xero.
I’ve gone pretty well, but I’ve ended up with a few questions for the support team, which I’ll share with you now:
- I want to code every deposit to Accommodation Income automatically. However, the reference on my banking is different for every deposit I receive (different deposits come from different people). So I’m wondering – is there a way to create a bank rule so that I can do this?
- I set up a new account for my business credit card. All fine and dandy. But when I go to allocate the bank feed transaction that transfers money from my bank account to my credit card, it won’t let me select my credit card as an account. Why not? Beats me.
- On the colourful dashboard on the home page, why are owner’s drawings showing as one of my top 5 expenses? Owner’s drawings aren’t an expense – they’re what I draw out of the business after I’ve paid for all my expenses. I wonder if I can customise this dashboard.
- How do I split a transaction? There’s a deposit I made to my bank account that’s a combination of a $1,000 personal cheque (a contribution from me) and $1,855 that’s a cheque for accommodation. I can’t see how to split this transaction (nor any other transaction for that matter).
Okay, time for dinner. Hungry children, hungry dogs, hungry teenagers, hungry husbands (well singular husband actually, just as well).
I’ll let you know the answers from the LiveAccounts support team when a reply comes through.