Can someone please help me to make more sense of EFT transactions on a bank statement. For example an amount of money ( Eg.) 1000.00 shows up on the bank statement as a single transaction with only one transaction reference number.No other details but the one reference number.
My Questions are
1. Is it possible that a bank can or would group a few payments from different clients together and transfer the funds under one reference number?
2. If they do this how do you as the bookkeeper know who the clients are that are paying and what exact amount they each pay in order to allocate the money to the correct account?
3. Is it possible on some accounting software packages that you have the ability to delete the original invoice for 1000.00 then reissue the invoice using the same invoice number for a lesser amount and then to allocate the balance of the money to a loan account?
In my experience with banks, they can use the one reference if it was sent as a bulk payment?, you can print out the list this will then give you a break down of the individual payments made. As for point 3 I'm not sure. Hope this helps
