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How to Clear the Prepare Electronic Payments account for payments which was paid by cash

SherryltqWahl

I recently joined this business and got a big mess in the Prepare Electronic Payment accounts.

I was told all the pay items from 2007-2021 was enter into this clearing account accidentally but already paid by cash. So all the entry are stuck in this clearance account for some reason.

So How do I clean up this clearance account? The screenshot I attached already been paid. so I do not have old data and obviously the bank rec was done back then in some other ways. So How do I clear this from the clearance account?

Screenshot 2024-01-11 140010.png

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Accepted answers

Princess_R

Hi @SherryltqWahl,

Thank you for your post. I'd like to extend you a warm welcome to the Community forum. I hope you find it a valuable resource.

To remove transactions from the Prepare Electronic Payments window, simply click on Bank File. This action records the transfer of the amount from the electronic clearing account to the bank account. Since the payments were made in cash, there's no need to upload the file. However, it's essential to note that this might impact your reconciliation report. I would recommend consulting with your accountant about the possibility of creating a dummy bank account for downloading the bank file.

Please let me now if you require further assistance with this.

If my response has answered your question, please click on "Accept as Solution" to help other users find this information.

Cheers,

Princess

All comments

Princess_R

Hi @gpritch,

Getting rid of old transactions from the Prepare Electronic Payments window can be a bit of a hassle. The system only lets payroll transactions be entered for the current and previous payroll years, so changing the payment method isn’t on the table. This means you won’t be able to record those as payroll transactions in your company file. I’d suggest having a squiz at the steps laid out in this forum post for some guidance.

Cheers,

Princess

gpritch

When I can change Payment Method to Electronic, then click Banking Details and OK, the Message is "can only enter pays for current and previous financial year".

There are about 2,500 of the records from December 2009 to June 2020. Is there another way for MYOB to clear these records, please.

gpritch

Hi Princess

I'm also trying to remove a lot of old items from the Prepare Electronic Payments window.

When I select some of the very old ones and click on Bank File, the response is "There were no transactions to process" . Please let me know if I'm missing something on this.

Regards

Geoff

LeanneYal

Hello Princess,

your solution is missing one step to ensure that the balances of the bank account and the electronic clearing account are correct after creating the Bank File to clear the unwanted transactions from the Prepare Electronic Payments window.

A Journal Entry must be recorded to remove the impact of the Bank File transaction:

Dr Bank Account

Cr Electronic clearing account

This will result in a deposit in the Bank account that can be reconciled against the withdrawal that the unwanted electronic payment created.

It will also result in a withdrawal in the Electronic Clearing account that can be reconciled against the deposit created by the unwanted electronic payment.

Both the Bank account and the Electronic Clearing account will then reconcile.

I hope this helps others in future.

Princess_R

Hi @SherryltqWahl,

Thank you for your post. I'd like to extend you a warm welcome to the Community forum. I hope you find it a valuable resource.

Please let me now if you require further assistance with this.

If my response has answered your question, please click on "Accept as Solution" to help other users find this information.

Cheers,

Princess