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Allocating bank transfers from suspense (legacy method)
Mclowd provides users with two options in terms of suspense allocations:
- A legacy interface (available to all users)
- An upgraded tabular interface which supports faster transaction processing (access to which is restricted to Pro and Premium users only)
- The suspense allocation function – in either mode – is not suitable for adding a new property or any additions to that property.
- That should be done only via the Add New Asset or Assets screens
- However the interface is suitable for allocating property-related rental income and deductions
The balance of this article deals with the legacy interface.
If you have successfully imported the bank data:
- Choose Suspense Allocation Legacy from the Transactions menu
- You will then see the Allocate Suspense Entries screen
From the Suspense Account Allocation screen you will see a list of transactions that are available for allocation.
The following example relates to dealing with a Bank Transfer.
In the relevant row, you need to:
- Click the Please select button against the Bank Transfer transaction
- You will see a drop-down list of Income, Expenses, and Other categories
- Select Bank Transfer
- You will then see the Assign Bank Transfer screen. Most of the screen is pre-filled by Mclowd, except for To Account
- Click Please select against To Account and then select the relevant bank account
- If required, you can change the Notes to something more meaningful
- If you should not be adding a Bank Transfer, select CANCEL to return to the previous screen
Select TRANSFER FUNDS once you are satisfied with the information on the screen.