Matching supplier payments to bank feeds

Hi OdieJML,

You’re very close, in AccountRight, electronic supplier payments are usually matched to the grouped electronic payment batch, not to each individual supplier payment. When you record the supplier payments as Electronic, they first sit in the Electronic Clearing account. Once you go to Banking > Prepare Electronic Payments and record the batch, AccountRight creates the grouped payment that should then match the bank feed transaction. 

More information here:
Changing or fixing electronic payments
Matching bank transactions to grouped electronic payments

You can also reach out to our team for further assistance, You can reach them on Live Chat via our virtual assistant, MOCA or by submitting a support case via MyAccount.

Regards,
Earl

Hi Earl

Does this mean I will have to do this with every transaction that is created through a batch payment.

Hi OdieJML, 

No, you shouldn’t need to manually match every individual supplier payment from that batch.

If the payments were recorded as part of a batch payment, the bank feed should normally be matched to the single bank transaction for the total batch amount, rather than each supplier payment one by one. The individual supplier payments are already tied to the purchases when you record them.

So in short:

• record the supplier payments against the purchases (electronic)
• process the batch payment (prepare electronic payment)
• then match the bank feed to the batch payment total

If the bank feed amount doesn’t match automatically, it could be because the batch total in MYOB and the amount showing in the bank feed don’t line up exactly, because the batch payment was recorded against a different bank account than the one the bank feed is coming through, or because the batch payment has already been reconciled or marked as checked in the Reconcile Accounts window.

If after checking those three scenarios and none of them is hindering the match, I recommend reaching out to our support team so they can have a deeper look. You can reach out by creating a ticket in My Account or connecting with our live chat team through MOCA, our virtual assistant. 

Regards,
Genreve

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.

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

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