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Reconciling Bank Deposits with EFTPOS Charges

Stephenchico

Just wondering how to record eftpos payment of invoice amount and reconcile it to the payment amount deposited less the bank eftpos Fee?

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Earl_HD

Hi @Stephenchico,

The usual way to handle this in AccountRight is to record the customer's full EFTPOS payment against the invoice and post it to Undeposited Funds, or to an EFTPOS clearing account, through Sales > Receive Payments.

Then go to Banking > Prepare Bank Deposit, select the payment, choose the bank account where the funds were deposited, and enter the EFTPOS fee as a negative amount under Fees and cash back. Code the fee to your merchant fees or bank charges expense account. This makes the prepared deposit equal the net amount that actually reached the bank.

Once recorded, go to Banking > Bank Feeds and match the bank transaction to the prepared bank deposit, rather than directly to the invoice payment. This avoids recording the payment twice.

If the payment was processed through MYOB Online Payments, the payment, fee and settlement should normally be created automatically. In that case, match the bank feed to the settlement or bank deposit and avoid editing the payment before settlement.

For more information: Preparing a bank deposit and Reconciling online invoice payments.

Regards,
Earl

All comments

Genreve_S

Hi @Lorcasgu,

Thanks for checking. It can be confusing when an option mentioned in the instructions isn't available in your version. MYOB Business doesn't have a Prepare Bank Deposit option.

If you're using MYOB Online Payments, MYOB records the payment and fee automatically, and the bank feed should match the settlement. See Automatically matching online payments.
If you're using a separate EFTPOS terminal, one bank deposit may include several customer payments. See Matching a bank feed to multiple transactions.

If you are still having issues trying to allocate each payment, I recommend reaching out to our support team so they can help.

Regards,
Genreve

Lorcasgu

Hi, Could you please let me know how to properly register this in MYOB Business? This does not have the 'Prepare Bank Deposit' option under Banking.

Stephenchico

Great, thanks Earl I can do that and simpler than method I had worked out. It seems to me I can only record the bank deposit the next day when the bank has processed the net amount so I can work out the fee charged. It was much easier previously when at the end of the day, I could reconcile the machine to the undeposited amount in MYOB and record the deposit.

Very unhappy the government has changed this to make what was simple now complicated as well as pass the costs onto small business rather than the customer who chooses to pay by card rather than cash of direct debit.

Earl_HD

Once recorded, go to Banking > Bank Feeds and match the bank transaction to the prepared bank deposit, rather than directly to the invoice payment. This avoids recording the payment twice.

For more information: Preparing a bank deposit and Reconciling online invoice payments.

Regards,
Earl