For the last couple of months we have been using electronic payments. First two months no problems but now we are finding some electronic payments that are set up and say have been paid - the money hasnt actually left our account and people havent been paid.
What is going wrong? They are regular suppliers and payment has gone through fine before, the electronic payment button is ticked and usual way of loading into bank is the same.
Thank you for your post and welcome to the Community Forum.
Regarding your concern, the unprocessed electronic payment report displays all transactions that have been posted to the electronic clearing account but have not been processed. These transaction will appear in the Prepare Electronic Payments window. When a supplier payment or payroll transaction is Electronic the payment amount is posted to the electronic clearing account. CTRL+R on your keyboard recaps the transaction so you can see the journal posted.
And when you process the Prepare Electronic payment transaction the amount is moved from electronic clearing account to the bank account.
You then reconcile electronic payment transaction by matching it to the bank feed or manually in the Reconcile window. The electronic clearing account should reconcile back to zero. You can do this in the Reconcile accounts. window.
Thankyou for your reply. We do all of this and have an electronic clearing account. The payments are processed and go from prepare electronic payments and are set up to be paid, MYOB says they are paid but then the suppliers dont receieve the money.
On our end it looks like they have been paid but th emoney doesnt actually leave our account
Thank you for getting back to us and providing an update.
In this matter, if the status of the payment in MYOB is already paid and the payment still sits in your account, we do recommend double check on your bank. We also recommend checking if the electronic payment was linked to the right account. Note that the process of clearing account is depends on the bank, but it is usually 3 business days.
Again, if you need further assistance with this, please feel free to post again. We are more than happy to help.
