Matching supplier payments to bank feeds

Question

Im new to MYOB, what am I doing wrong.  I am using AccountRight Web Version.

* I enter the purchase: Purchases | Enter Purchase
* Record Payment: Purchases | Record Supplier Payment | Tick Electronic Payment
* Create Payment: Banking | Prepare Electronic Payment

When the payment then displays on the Bank Feed I am unable to allocate it, there is no batch payment.

My Bank Feed is currently full on transactions that I am unable to match and allocate.

OdieJML · Answer

Hi Genreve, is there a direct email I can contact you on - I have taken some screen shots and have a few other questions.

Thanks, Jodie

Genreve_S · Answer

Hi @OdieJML,

Yes, that’s correct. Ticking Electronic Payment sends the supplier payment to the Electronic Clearing Account first. The feature is designed to batch multiple supplier payments into one transfer.

From there, go to Prepare Electronic Payments and choose the bank account the batch will be paid from. Once the batch is processed, MYOB creates the withdrawal from that bank account, and that is the transaction you match to the bank feed.

So you wouldn’t match each supplier payment individually. If it still won’t match, check that the batch has been prepared, the correct bank account was used, it hasn’t already been reconciled or marked as checked, and the amount matches exactly.

Regards,
Genreve

OdieJML · Answer

Hi Genreve

Note: I am using MYOB AccountRight Web Version

Ive noticed that once I tick the Electronic Payment box it defaults the bank account to the clearing account - is this correct.

Do I need to allocate the payment through the Clearing Account ?

What does ticking 'Electronic Payment' actually mean / do ?

There must be something Im doing wrong as Im unable to allocate any of the payments when they flow through onto the bank feed.