Farm Focus balancing the bank account5

Farm Focus Tip - Balancing the bank account

Nov 4, 2024 / 2 minute read
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It’s a great habit to get into to ensure that at the end of each month, or GST period, that your bank account actually balances to what Farm Focus has calculated and what has come through on your bank statement through the bank feed.

 

Start by ensuring all bank transactions for the relevant month are coded correctly on the right-hand side of your "Needs Action" screen.

To verify, go to the "Needs Action" screen, select "Balancing," and, if applicable, choose the specific bank account you want to review.

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This will display the last time your Focus calculated balance matched the bank feed statement balance, marked by a green "Balanced up to here" line.

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If you have a manual bank account, you may need to enter the bank balance manually at the end of each month.

If your account doesn’t balance, consider these common issues:

  • Duplicate transactions: Check for any duplicate entries.
  • Manual transactions: Since these don’t appear in your actual bank account, Focus can’t detect any differences caused by them.
  • Rabobank All In One Account: This type of account includes loan facilities and working capital, requiring a slightly different approach. In this case, it’s best to enter a manual bank balance at the end of each month, which can be adjusted in Settings > Bank Accounts.

Still having trouble balancing your Farm Focus bank account? Give us a call, and we’ll help you identify and resolve the issue.

 

Justine v2

Justine Newsome

Software Specialist