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CathVSA's avatar
CathVSA
Experienced User
5 years ago
Solved

Undeposited Funds/Clearing Payroll entries

I found another this thread that seems to be relevant to my problem, although that was answered by Steven back in August and doesn't quite answer my problem. I am using version 2019.4. We paid an ...
  • Komal_S's avatar
    Komal_S
    5 years ago

    Hi CathVSA 


    Yes, creating a new undeposited fund accounts and linking it to Setup--> Linked Accounts--> Accounts and Banking Accounts--> Bank account for undeposited funds will clear those transactions from Prepare Bank Deposit. 

     

    You might not need to inactivate the previous linked account as it would not link to preparing bank deposits anymore and you can search by that old account if you ever want to know what transactions were posted against it. But then again, it's totally up to you if you want to inactivate the account for some other reasons.

CathVSA's avatar
CathVSA
Experienced User

Hi Komal, thank you for your reply.

The bank account for cash payments is the same as the bank account for undeposited funds - both are "undeposited funds" - not the main bank account.

I have attached screenshots in case that doesn't make sense.

We use "undeposited funds" extensively and the transactions always clear out correctly so it works for our normal operations.  The only time it hasn't worked it for the one-off payroll transaction that won't clear out.

 

 

Komal_S's avatar
Komal_S
MYOB Moderator
5 years ago

Hi CathVSA 

 

The linked account for undeposited funds is a clearing account that is just used to hold money till it is deposited into the actual bank account. In your case, if you are also specifying it as the bank account for cash payments, then ideally it should be withdrawing the money out of that account; but since it's linked for undeposited funds, the money is being deposited as well. This situation causes a conflict and the first thing you need to change is the Bank account for cash payments. It should be set to the actual bank account from which the payments are made instead of linked undeposited funds.


Once that is done, you can either delete that payroll transaction and re-enter it correctly; or change the linked account for undeposited funds to let's say another clearing account, which would clear out everything from "Prepare Bank Deposit" screen.


If you have any concerns about changing the linked accounts, I would recommend having a chat with your accounting advisor. 

  • CathVSA's avatar
    CathVSA
    Experienced User
    5 years ago

    Hi Komal_S 

    Thank you again for your reply!

    I have changed the linked payroll acocunt for cash payments to the bank account that they come out of, and that makes much more sense than using undeposited funds.

    Unfortunately though I can't delete the payroll transaction as superannuation has been paid from it, and reversing the transaction crates another transaction in undeposited funds that won't clear lol.

     

    Our other clearing accounts all have transactions that we don't want cleared on a daily basis.

     

    It is therefore looking like our only option to not have these transactions show is to create a brand new "undeposited funds" account and make the current one inactive?  Is that right?

     

    We use the undeposited funds account daily and it is annoying seeing those transactions all the time!

     

    Thanks again

    Cheers Cath

     

    • Komal_S's avatar
      Komal_S
      MYOB Moderator
      5 years ago

      Hi CathVSA 


      Yes, creating a new undeposited fund accounts and linking it to Setup--> Linked Accounts--> Accounts and Banking Accounts--> Bank account for undeposited funds will clear those transactions from Prepare Bank Deposit. 

       

      You might not need to inactivate the previous linked account as it would not link to preparing bank deposits anymore and you can search by that old account if you ever want to know what transactions were posted against it. But then again, it's totally up to you if you want to inactivate the account for some other reasons.

      • CathVSA's avatar
        CathVSA
        Experienced User
        5 years ago

         

        Thank you again!