I have just take over a Myob file. The Unprocess Electronics Payments report is showing 55 payments going back to June 2020. These payments do not come to Zero.
How have the transactions stayed in the account after they have been paid?
How can I check where the transactions are on the Balance Sheet?
How do I clear them?
I have read about payroll accounts in this Community Conversation which come to zero. Some transactions I could get to zero, majority of the payments will not get to zero.
Your assistance would be greatly appreciated. I need to understand so much more to clear these amounts and to stop this from happening in future.
The Unprocessed Electronic Payments report displays all transactions that have been posted to the electronic clearing account but have not been processed. These transactions will appear in the Prepare Electronic Payments window.
When a supplier payment or payroll transaction is Electronic the payment amount is posted to the electronic clearing account. Ctrl+R on your keyboard recaps the transaction so you can see the journal posted. This example is a supplier payment:
When you process the Prepare electronic payment transaction the amount is moved from the electronic clearing account to the bank account:
You then reconcile the electronic payment transaction by matching it to the bank feed or manually in the Reconcile accounts window.
The electronic clearing account should reconcile back to zero, you can do this in the Reconcile accounts window.
When you have old transactions in the Prepare electronic payments window and Unprocessed Electronic payments report, it means that the electronic payment transaction has not been processed. If the bank account has been reconciled it typically means that another transaction, such as a Spend money, has been recorded for the payment. This can result in inaccurate financial reporting. I would recommend checking for any duplicate transactions.
To fix this you've got two options:
unreconcile the bank account, delete any duplicate transactions recorded, process the electronic payment transaction and re-reconcile the bank account
create a new electronic clearing account and select the new account in Setup>>Linked accounts. The old electronic clearing account will still have a balance but those transactions won't appear in Prepare electronic payments
Please let me know if you need further help.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
Thank you Tracey A great deal to research from your reply. Many $'s involved so need to know exactly the impact before I adjust. Please leave this open as I feel I am going to have to come back about the two options to fix. Thank you Tracey. Bcel
When I logged in on Thursday to get your reply - it did not have the images. Thank you I will reread.
Further Help please. They were previously processing a Sales Invoice for the Revenue and a Purchase for the Expenses that is deducted from the Revenue we receive. The two were netted off the Money Received.
1. Process the Sales Invoice and the Purchase was reporting correctly for the GST. 2. Processing the Sales Invoice and the Purchase is leaving all these amounts in the Unprocessed Electronics Payments Report.
Going Forward. A. How can I process the Revenue via a Sales invoice and Expenses that are deducted from the payment via a purchase so as to report correctly for the GST. If I process a Sales Invoice with the negative amounts for the Expenses the GST is Netted which is incorrect reporting. A. Can I some how process a Sales Invoice and a Purchase order. Apply the Purchase Order to the Sales Invoice then Receipt the payment and not have it show in the Unprocessed Electronic Payments Report? B. How do I clean up all these Sales and Purchase Orders that are outstanding in the Unprocessed Electronic Payments Report? C. Can I ask MYOB to look at the file to review the transactions?
Electronic payments and the electronic clearing account is only for amounts to be paid, as such, sales invoices should not be posted to the electronic clearing account.
So that I can assist with your questions can I get you to send me screenshots of the following by private message:
