If you choose to enter customer payments in Ostendo to post to MYOB AR Live, Xero, Intuit QuickBooks Online or MoneyWorks and you are using Bank Feeds, you should follow this process to ensure the customer payment that is posted from Ostendo will match the bank feed in the accounting system.
NB this is not applicable if you are receiving customer payments in the accounting system or if you are using MYOB Classic or Reckon Accounts (formerly Reckon QuickBooks)
Every time you enter a Received Amount for a Customer on a Payment Date and press Save, Ostendo creates a General Ledger transaction. This is because Ostendo allows a payment to be received but not be applied to any invoices. If you make any changes to the payment value or date, Ostendo will post correcting General Ledger transactions using the same Payment Number. The consequence of this is that while the General Ledger transactions being posted to the accounting programme will be correct, the payment value in the accounting system's bank feeds will be distorted by the multiple postings to the same Payment Number and it will not match the payment in the Bank Feed.
To avoid this, follow the process below. If you make a mistake in entering a Customer Payment you should delete it in Ostendo and start again with a new Customer Payment. This will post a reversing transaction which can be matched off with the original payment in the accounting programme.
Ensure you enter a Customer Payment only once with the correct entries before Saving it. Never make corrections on the same Customer Payment. Also ensure that all payments are fully applied and not left with any portion unapplied in Ostendo, otherwise the Accounts Receivable balances in Ostendo and the accounting system will not align. See our FAQ article on Customer Overpayments.
Only press the Save button after double checking the following;
- Correct Payment Date as it appears on the bank statement. If the date is not the same as the bank statement it will not match in the Bank Feed.
- Correct Customer.
- Correct Payment Style, particularly if you are using Bank Deposits.
- Correct bank account for the payment.
- Correct amount being received.