Changing linked bank account for electronic payments
Hello,
I'm seeking advice from the community regarding a situation I've encountered at my new job. I've recently joined a small business, and my responsibilities include bookkeeping and payroll tasks. Additionally, they've tasked me with improving and streamlining their existing systems and processes.
I'm currently working on setting up the MYOB account for electronic payments to facilitate payroll processing through an ABA file. Unfortunately, it appears that the MYOB account was initially set up incorrectly. The linked bank account for electronic payments is associated with one of the primary business bank accounts rather than the Electronic Clearing Account. Consequently, the 'Prepare Electronic Payments' window is cluttered with over 1000 transactions dating back to 2013.
I've browsed through some previous forum threads discussing this issue, and it seems that a popular solution is to simply change the linked bank account for electronic payments in the 'Accounts & Banking Accounts' window. However, before I proceed with this change, I'd like to understand the potential consequences, as I've read that it could create account imbalances, though I'm not sure about the specifics. I've also come across the suggestion that the accountant might be able to address this through a manual journal entry.
Does anyone here have experience with this issue? Could you help me comprehend what might happen if I change the linked bank account for electronic payments? Any advice you can provide would be greatly appreciated!
Thanks for posting and welcome to the Community Forum.
We appreciate your detailed explanation. I understand fixing this wrong-linked account may cause complications. While it's correct that we need to change the linked account into an electronic clearing account, the transactions already created will not transfer together with the linked account. I would suggest matching all bank feed transactions, making journal entries, and correcting transactions that might cause issues with the figures before switching the linked accounts. This will ensure that you are starting with a clean slate once you change the linked account for the electronic payments.
Let us know if you require any further assistance. We're happy to help.
Cheers,
Genreve
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Hello,
I'm seeking advice from the community regarding a situation I've encountered at my new job. I've recently joined a small business, and my responsibilities include bookkeeping and payroll tasks. Additionally, they've tasked me with improving and streamlining their existing systems and processes.
I'm currently working on setting up the MYOB account for electronic payments to facilitate payroll processing through an ABA file. Unfortunately, it appears that the MYOB account was initially set up incorrectly. The linked bank account for electronic payments is associated with one of the primary business bank accounts rather than the Electronic Clearing Account. Consequently, the 'Prepare Electronic Payments' window is cluttered with over 1000 transactions dating back to 2013.
I've browsed through some previous forum threads discussing this issue, and it seems that a popular solution is to simply change the linked bank account for electronic payments in the 'Accounts & Banking Accounts' window. However, before I proceed with this change, I'd like to understand the potential consequences, as I've read that it could create account imbalances, though I'm not sure about the specifics. I've also come across the suggestion that the accountant might be able to address this through a manual journal entry.
Does anyone here have experience with this issue? Could you help me comprehend what might happen if I change the linked bank account for electronic payments? Any advice you can provide would be greatly appreciated!
Thank you!
","body@stringLength":"1644","rawBody":"
Hello,
I'm seeking advice from the community regarding a situation I've encountered at my new job. I've recently joined a small business, and my responsibilities include bookkeeping and payroll tasks. Additionally, they've tasked me with improving and streamlining their existing systems and processes.
I'm currently working on setting up the MYOB account for electronic payments to facilitate payroll processing through an ABA file. Unfortunately, it appears that the MYOB account was initially set up incorrectly. The linked bank account for electronic payments is associated with one of the primary business bank accounts rather than the Electronic Clearing Account. Consequently, the 'Prepare Electronic Payments' window is cluttered with over 1000 transactions dating back to 2013.
I've browsed through some previous forum threads discussing this issue, and it seems that a popular solution is to simply change the linked bank account for electronic payments in the 'Accounts & Banking Accounts' window. However, before I proceed with this change, I'd like to understand the potential consequences, as I've read that it could create account imbalances, though I'm not sure about the specifics. I've also come across the suggestion that the accountant might be able to address this through a manual journal entry.
Does anyone here have experience with this issue? Could you help me comprehend what might happen if I change the linked bank account for electronic payments? Any advice you can provide would be greatly appreciated!
Thank you!
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Changing linked bank account for electronic payments","moderationData":{"__ref":"ModerationData:moderation_data:835035"},"body":"
Thanks for posting and welcome to the Community Forum.
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We appreciate your detailed explanation. I understand fixing this wrong-linked account may cause complications. While it's correct that we need to change the linked account into an electronic clearing account, the transactions already created will not transfer together with the linked account. I would suggest matching all bank feed transactions, making journal entries, and correcting transactions that might cause issues with the figures before switching the linked accounts. This will ensure that you are starting with a clean slate once you change the linked account for the electronic payments.
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Let us know if you require any further assistance. We're happy to help.
Thanks for posting and welcome to the Community Forum.
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We appreciate your detailed explanation. I understand fixing this wrong-linked account may cause complications. While it's correct that we need to change the linked account into an electronic clearing account, the transactions already created will not transfer together with the linked account. I would suggest matching all bank feed transactions, making journal entries, and correcting transactions that might cause issues with the figures before switching the linked accounts. This will ensure that you are starting with a clean slate once you change the linked account for the electronic payments.
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Let us know if you require any further assistance. We're happy to help.
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Cheers,
\n
Genreve
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