Clearing Electronic Payments

ChristineBu

Hi All,

 

What is the simplest way to clear unprocessed transactions sitting in the Electronic Clearing Account?  Payroll has been processed correctly but paid manually through internet banking and using Spend Money.  The wages go back to 2019.  All accounts are reconciled bar the amount sitting in the Electronic Clearing Account which has actually already  been paid.

 

I'm using MYOB AccountRight V.2021.4

 

Thanks

 

Steven_M

Hi @ChristineBu 

The simplest way would be the following:

1. Navigate to Accounts>>Accounts Lists>>New.
2. Give the account a number, name and set the Account Type to be Bank.
3. Once that account has been created, go to Setup>>Linked Accounts>>Accounts & Banking.
4. Set the Bank Account for Electronic Payments to be that newly created account.
5. Select OK.

This process will work as the system looks for all transactions that are paid electronically that have yet to be processed and showcase them in the Prepare Electronic Payments window. As there are no transactions in that newly created account the Prepare Electronic Payments window is blank/shows no transactions.

 

Note: There will still be a balance in that old electronic account, you may want to speak to your accounting advisor about recording a journal to clear the balance of that account.