Forum Discussion

SN2's avatar
SN2
Contributing User
2 years ago

Bank Reconciliation

I have wasted 4 hours trying to get MYOB Support to fix my problem. MYOB's answer was to speak to my Accountant.

I think I have a simple problem. My payroll entries are not showing on my Bank Reconiliation File. The entries have gone to  Electronic Clearing Account as I didn't have my Prepare electronic payments set up. Now that I have it set up, it wants to pay the employee again as I did a EFT from the Bank Account.

 

Does anyone have an answer to clear my Electronic Clearing Account and putting the transaction into my Bank account without paying the employee again so I can reconcile my Bank account?

  • SUE_BNS's avatar
    SUE_BNS
    Contributing Cover User
    2 years ago

    If you dont have the bank uploads set up to be directly uploaded to the bank via a bank file, you will have to change the employees details to cheque or cash before doing another payroll run.

    • SUE_BNS's avatar
      SUE_BNS
      Contributing Cover User
      2 years ago

      Or do a journal entry from the Electronic Funds account to the Bank account for the amount of the payments.

  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    2 years ago

    Hi SN2, 


    Thanks for posting your concern in the forum. 

     

    I'm sorry to hear about your difficulty with reconciliation. In my understanding, you have already matched all your bank feeds to transactions. Also, the payments that correspond to those bank transactions are still inside the Prepare Electronic Payment window. If this is the case, you will need to remove all transactions matched with bank feeds to give way to the transaction from the Prepare Electronic Payment window, as these are the correct transactions to match the bank feeds. 

     

    Another option as SUE_BNS has mentioned (create a journal entry), but I would suggest asking for help from a financial advisor to make sure all the figures and accounts in the journal entry are correct. 

     

    Let us know if you require any further assistance with this.

     

    Thanks,
    Genreve

     

     

     

    • SN2's avatar
      SN2
      Contributing User
      2 years ago

      Can you please explain. On my Bank rec I have a debit and a Credit date the same date. How do I get rid of the credit. Also I've looked up my linked accounts  and the account isn't my bank account for electronic payments.  It's Electronic Clearing Account. I assume that's where the problem is.

      • Genreve_S's avatar
        Genreve_S
        MYOB Moderator
        2 years ago

        Hi SN2, 

         

        Thanks for your response. 

         

        Currently, I am unable to explain why you have a debit and a credit with the same date and amount, as I need more information regarding how the transactions were recorded. However, you can delete any transactions that are not supposed to be there. From your Reconcile Accounts window, the transactions can be opened by clicking the reference number of the transaction. After opening the transaction, you can delete it by clicking the delete button in the bottom left corner of the screen. 

         

        Also, the linked account for electronic payment is the Electronic Clearing account by default, as this is a clearing account for bulk payments. 

         

        If you require further assistance with this, feel free to send us more information. We're happy to help. 

         

        Thanks,

        Genreve

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