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HelloLedger's avatar
HelloLedger
Member
3 years ago
Solved

Bank account not available to select for electronic payment

I've previously been making electronic payments from MYOB and creating an ABA file to upload to the business bank account to make multiple employee wage payments. After processing the most recent pay...
  • Tracey_H's avatar
    Tracey_H
    3 years ago

    Hi HelloLedger 

     

    Thanks for your post. In Setup>>Linked accounts the Bank account for electronic payments needs to be the electronic clearing account. As you've got the 1-6800 Cash at bank account selected as the linked account it won't appear for selection in Prepare electronic payments>>Pay from account.

     

    How electronic payments work is:

     

    1. The net amount of the pay transaction is posted to the electronic clearing account as a credit:

     

     

    2. The Prepare electronic payments transaction debits the electronic clearing account and credits the bank account selected in the Pay from account field. This clears the amount from the electronic clearing account and the payment appears as a withdrawal in the bank account.

     

    The way your accounts are set up in those screenshots the pay transactions have been posted to the 1-6800 Cash at bank account, which is why it's not available for selection in the Pay from account field. 

     

    If you need further help with this can you confirm those pay runs have been posted to the 1-6800 account.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Tracey_H's avatar
Tracey_H
Former Staff
3 years ago

Hi HelloLedger 

 

Thanks for your post. In Setup>>Linked accounts the Bank account for electronic payments needs to be the electronic clearing account. As you've got the 1-6800 Cash at bank account selected as the linked account it won't appear for selection in Prepare electronic payments>>Pay from account.

 

How electronic payments work is:

 

1. The net amount of the pay transaction is posted to the electronic clearing account as a credit:

 

 

2. The Prepare electronic payments transaction debits the electronic clearing account and credits the bank account selected in the Pay from account field. This clears the amount from the electronic clearing account and the payment appears as a withdrawal in the bank account.

 

The way your accounts are set up in those screenshots the pay transactions have been posted to the 1-6800 Cash at bank account, which is why it's not available for selection in the Pay from account field. 

 

If you need further help with this can you confirm those pay runs have been posted to the 1-6800 account.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

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