How to Clear the Prepare Electronic Payments account for payments which was paid by cash

Hello Princess,

your solution is missing one step to ensure that the balances of the bank account and the electronic clearing account are correct after creating the Bank File to clear the unwanted transactions from the Prepare Electronic Payments window.

A Journal Entry must be recorded to remove the impact of the Bank File transaction:

          Dr Bank Account

                      Cr Electronic clearing account

This will result in a deposit in the Bank account that can be reconciled against the withdrawal that the unwanted electronic payment created.

It will also result in a withdrawal in the Electronic Clearing account that can be reconciled against the deposit created by the unwanted electronic payment.

Both the Bank account and the Electronic Clearing account will then reconcile. 

I hope this helps others in future.

Hi Princess

I'm also trying to remove a lot of old items from the Prepare Electronic Payments window.

When I select some of the very old ones and click on Bank File, the response is "There were no transactions to process" .  Please let me know if I'm missing something on this.

Regards

Geoff

Hi gpritch,

To remove old items from the Prepare Electronic Payments window, you can try the following steps:

• Open the Prepare Electronic Payments window.
• Select all the transactions.
• Click Record to create the bank/ABA file.
• Delete the bank file.

If you receive the message "There were no transactions to process," it means the transactions are too old to be processed in the current bank file. In this case, you can disregard those transactions and avoid including the old dates when filtering.  Please speak to your accountant about doing a journal entry to offset this transaction as it will affect your bank reconciliation.

Regards,

Shella

Thanks Shella

I have about 1,000 of these old items in the Prepare Electronic Payments window that respond "There were no transactions to process" when I click on Bank File.  I can't see a filter box that could be used to avoid the older items.

Maybe other users are in a similar situation.  Could MYOB come up with a solution for this problem, please.

Still hoping that MYOB could come up with a solution for the problem of not being able to remove old items from the Prepare Electronic Payments window because they are too old to be processed in the current bank file - "There were no transactions to process" is the response when I click on Bank File.  I can't see a filter box that could be used to avoid the older items.

Hey gpritch,

Appreciate you circling back— especially since it's been a good three months and the issue's still hanging around. Aside from the workaround already mentioned, there are two ways to clear out those outdated transactions still sitting in Prepare Electronic Payments: 

• Option 1: Process the payment using a clearing account (must be a bank-type account), then record a general journal entry to cancel it out. Bit of tidy-up, but it clears the clutter.
• Option 2: Create a brand new electronic clearing account, then update the linked account under Setup > Linked Accounts > Accounts & Banking > Bank Account for Electronic Payments. 

For that "There were no transactions to process" message, it's because some transactions are sitting as Cheque or Cash, and the linked account is actually your electronic clearing account. To shift them over: 

• Open the payroll transaction.
• Change the Payment Method to Electronic.
• Click Banking Details, then hit OK.
• Click OK again to save the changes.

If ever you're still having issue, make sure to reach out to support team directly on Live Chat via our virtual assistant, MOCA, or by submitting a support case via MyAccount.

Cheers,

Doreen

Thanks Doreen.

For most of these, the Payment Method field does show "Cheque" but it's greyed out, so it can't be changed to "Electronic".