Forum Discussion

Sally001's avatar
Sally001
Trusted Cover User
3 years ago

Undeposited funds from Online payments

My client is on AR 2022.7.0 version.   

They send sales invoices and receive "online payments" that go into the Undeposited funds account with merchant fees which my client marks off themselves.

 

In the Bank reconciliation screen for Undeposited funds these online payments are showing as deposits with the matching "withdrawal" side as well with the description "MYOB Deposit".

 

So to clear the bank rec to Nil they both match but now and again the total of these multiple sales have come in again as 1 x total of $323.72 (for example on my screenshot)   I would think this total should be sent to the main business bank account? The bank statement shows the total needed. Why does it not happen automatically?

 

Do I have to reverse the totals each time to allocate to the bank account so they both reconcile?

 

Is it MYOB or the client doing this so I can try to resolve it to run smoother by explaining it to them. When this says MYOB Deposit 00000021 on all the multiple withdrawal side and the 1 x total deposit side, it looks like something that just happens with MYOB?

  • CloverQ's avatar
    CloverQ
    Former Staff

    Hi Sally001 

     

    Thank you very much for the information and screenshot. 

     

    Based on the screenshot, it looks to me that transaction CR013101 was not recorded correctly, it's debiting and crediting the same account. Please click on the arrow next to it to view the transaction details, my guess is that it's a Prepare Bank Deposit transaction, with the amounts to be deposited into the main bank account ticked, however, the 'Deposit to Account' at the top is set to the undeposited funds account again. You can use Ctrl + R to recap the transaction as well.

     

    This transaction isn't recorded by the software, deleting it then re-recording the deposits with the correct bank account selected shall resolve it. Please feel free to let us know how you go.