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Why can't I match bank transactions to manual entries?
Hello, How do I declare dividends on one day and pay them later? Basically we declared dividends for year ending 31 Mar 2009 on the 31st Mar. These were then paid to the two Director shareholders on 27th & 28th May (a day apart due to bank limits). If I make a manual bank entry re the divs dated 31 Mar this is fine & creates the correct div vouchers but then when I upload May's bank statement the two div payments obviously appear again incorrectly calculating the bank balance. I cannot see an option for matching to manual transaction, which I'm assuming is because of the 14-day rule. Help! I'm obviously doing something very basically wrong...
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Inappropriate?Hi there
You're right -- because the dates of the manual transaction and the uploaded statement transaction are more than 14 days far apart, FreeAgent won't allow you to match the transactions. In this situation I would recommend deleting the manual entries and then explaining the two transactions as dividend payments.
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This answers the question
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Thought so. But then the date of the declared dividends is incorrect for SA tax purposes. -
Inappropriate?Hi Lynusynne,
You should add 4 manual transactions on the 31st of March, two Dividend payments and two opposite amounts paid from the respective Director's Loan accounts (Money Received from User). That should balance out to zero as far as the bank balance is concerned.
Then, when the amount was actually paid, it should be explained as payments from the Director Loan accounts (Money Paid to User).
Effectively that's what has happened, the dividend was declared but not paid immediately (so was owed to the director via the Loan Account).
Does that make sense?
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