Forum Discussion

Experienced Cover User

4 years ago

New bank account not showing in payment method in wages

I've set up a new bank account - it's been added in bank feeds and is up & running. My issue is that it doesn't show as a bank account in the payment method within wages, so I can't choose it as the bank to pay out of. I havent set it up as the Undeposited Funds or the Electronic Clearing Account, I just added a new bank account. All the details are the same as our other 2 bank accounts except I can see it isn't ticked as a Linked when I look at it in Accounts. I have gone into Setup - Linked Accounts - Accounts & Banking, but I can't see anywhere where I can add it in. This will beour 3rd trading account. Please help!

Steven_M
4 years ago
Hi FixMyBooks

The Pay from Account for payroll transactions is linked to the payment method of the transaction that is used. You can set the linked account for a payment method via Setup>>Linked Accounts>>Payroll Accounts - Bank account for xxx payments - xx being the payment method (cash, cheque, or electronic).

So in your case, if my recommendation would be to make sure that the account you wish to use is the one that is listed as one of the linked payroll accounts. Once that has been done, you can select that payment method on the employee's card (Payment details) or within the Pay employee window when you pay the employee to use that account.

Note: I have assumed that you have checked to ensure that the account is listed as active and has the account type of Bank in the Accounts list.

Steven_M
Former Staff
4 years ago
Hi FixMyBooks

The Pay from Account for payroll transactions is linked to the payment method of the transaction that is used. You can set the linked account for a payment method via Setup>>Linked Accounts>>Payroll Accounts - Bank account for xxx payments - xx being the payment method (cash, cheque, or electronic).

So in your case, if my recommendation would be to make sure that the account you wish to use is the one that is listed as one of the linked payroll accounts. Once that has been done, you can select that payment method on the employee's card (Payment details) or within the Pay employee window when you pay the employee to use that account.

Note: I have assumed that you have checked to ensure that the account is listed as active and has the account type of Bank in the Accounts list.
- FixMyBooks
  Experienced Cover User
  4 years ago
  Thanks so much Steven.
  
  That has worked, I was going into Setup>>Linked Accounts>>Accounts & Banking originally. I didn't even realise there was a Payroll Accounts one!!! That what I get for not keeping up with the courses!
  
  Thank you so much, I appreciate your help.
  
  Kind Regards
  Leanne
- SamJones
  Contributing User
  3 years ago
  Hi There,
  
  I have had the same trouble when attempting to electronically pay my employees. I only use one bank account for receiving and paying money. I have assigned it to the electronic payments option both in payroll setup and linked account set up. I have even gone to SETUP > LINKED ACCOUNTS > ACCOUNTS & BANKING ACCOUNTS where I can see it is confirmed as the Bank Account for Electronic Payments and then SETUP > LINKED ACCOUNTS > PAYROLL LINKED ACCOUNTS and it is listed as the Bank Account for Electronic Payments. I have restarted MYOB to ensure this is not the problem however everytime I attempt to pay my employees by preparing an electronic payment the account I want to use is not an option. Can you please give me further guidance as to why this is happening?
  - Sam_R
    Former Staff
    3 years ago
    Hi SamJones,
    
    Thank you for your post.
    
    I will leave a link below that will resolve this issue for you - In summary, when you want to pay electronically, the transaction is posted to a temporary holding account, usually called an electronic clearing account (in this case). The payment sits in this account until you're ready to create a payment file to upload to your bank for processing, See further details below:
    
    Set up an electronic clearing account
    
    If you require further assistance with this, please let me know.