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Stephenchico's avatar
Stephenchico
Experienced Cover User
10 days ago
Solved

Reconciling Bank Deposits with EFTPOS Charges

Just wondering how to record eftpos payment of invoice amount and reconcile it to the payment amount deposited less the bank eftpos Fee?
  • Earl_HD's avatar
    Earl_HD
    8 days ago

    Hi Stephenchico,

    The usual way to handle this in AccountRight is to record the customer's full EFTPOS payment against the invoice and post it to Undeposited Funds, or to an EFTPOS clearing account, through Sales > Receive Payments.

     

    Then go to Banking > Prepare Bank Deposit, select the payment, choose the bank account where the funds were deposited, and enter the EFTPOS fee as a negative amount under Fees and cash back. Code the fee to your merchant fees or bank charges expense account. This makes the prepared deposit equal the net amount that actually reached the bank.

     

    Once recorded, go to Banking > Bank Feeds and match the bank transaction to the prepared bank deposit, rather than directly to the invoice payment. This avoids recording the payment twice.

     

    If the payment was processed through MYOB Online Payments, the payment, fee and settlement should normally be created automatically. In that case, match the bank feed to the settlement or bank deposit and avoid editing the payment before settlement.

     

    For more information: Preparing a bank deposit and Reconciling online invoice payments.

    Regards,
    Earl

Earl_HD's avatar
Earl_HD
MYOB Moderator
8 days ago

Hi Stephenchico,

The usual way to handle this in AccountRight is to record the customer's full EFTPOS payment against the invoice and post it to Undeposited Funds, or to an EFTPOS clearing account, through Sales > Receive Payments.

 

Then go to Banking > Prepare Bank Deposit, select the payment, choose the bank account where the funds were deposited, and enter the EFTPOS fee as a negative amount under Fees and cash back. Code the fee to your merchant fees or bank charges expense account. This makes the prepared deposit equal the net amount that actually reached the bank.

 

Once recorded, go to Banking > Bank Feeds and match the bank transaction to the prepared bank deposit, rather than directly to the invoice payment. This avoids recording the payment twice.

 

If the payment was processed through MYOB Online Payments, the payment, fee and settlement should normally be created automatically. In that case, match the bank feed to the settlement or bank deposit and avoid editing the payment before settlement.

 

For more information: Preparing a bank deposit and Reconciling online invoice payments.

Regards,
Earl

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