MYOB Online Payments Transaction Fees

Question

I get invoices from MYOB for Online Payments Transaction Fees because some of my customers pay via the MYOB Pay Now feature.

These invoices aren't itemised so I can't tell exactly which invoices they are for nor can I tell how much there is for each one.

The actual invoice I issued to my client has an amount removed from it when paid and although I think it is fixed now the Bank Feeds feature was hard to use because the deposits didn't match the invoice amounts - due to the fee removed.

Anyway, what am I supposed to do with the MYOB invoices?  How do I process them in Accounts Right Desktop?

Doreen_P · Answer

Hi @Tasqua,

It doesn’t amend the original invoice to the net amount deposited because the invoice is the tax or sales record for the full customer sale. When online payments are used, it separately records the payment and any related fee or surcharge entries, then creates a bank deposit for the net settlement amount actually paid into the bank. Any GST is handled through the original invoice and the relevant related transactions, rather than by reissuing the invoice for the reduced banked amount. If they’ve got any other questions, you can also reach out to our support team on Live Chat via our virtual assistant, MOCA, or by submitting a support case via My Account.

Cheers,

Doreen

Tasqua · Answer

Why does MYOB then not give an amended invoice that relates to the funds taken from your bank account?  Especially re gst  components as you are being charged for full invoice but less taken out - invoice should reflect the amount taken for gst purposes??

Thank you.

Earl_HD · Answer

Hi @RoxMD,

You can use the Transaction Report to check which invoice the payment you received corresponds to. Follow these steps:

* Log in to your AccountRight software.
* Click Reports.
* Select Sales.
* Choose Online Invoice Payments.
* Click View Reports.
* Use the filters to refine your search. You can enter the transaction description from your bank statement into the 'Search Keywords' filter to easily locate the relevant invoices. Look for the transaction description MYOBXXXXXX on your bank statement when you receive a deposit from MYOB.

Regarding your second query, you'll need to check your settings to avoid being charged a surcharge. According to the terms and conditions, when a customer pays via BPAY, the business is responsible for the surcharge, even if you've set up your system to pass surcharges on to customers. The ability to pass on surcharges only applies to credit card and e-wallet payments.

To prevent this, you can turn off BPAY as a payment option before sending the invoice to your customer. You can do this by:

* When creating the invoice, click Edit."

2.  A pop-up screen will appear (see screenshot below). Simply untick the BPAY box to remove BPAY as a payment method, then hit Save.
    3. You can also set this as your default by clicking Manage Default Settings. Make sure to untick the Accept BPAY Payments box and select Your Customers Pay the Surcharge, then hit Save.

For more information, you can read through this link: : OIP Fees and Surcharges

The transaction will automatically match in bank feeds if the fee and payment categories are properly set up in their Online Payment Settings under Bank Accounts.

Regards,
Earl