Hi,
In the past when we used MYOB AccountRight, we would pay wages from a ''Payroll Cheque Account'', then transfer the money from the bank account.
Do we still do this in MYOB Business? We are new to MYOB Business and notice the linked bank account for payroll is now just our bank account.
Happy to make a new ''Payroll Cheque Account" and link this account in MYOB Business and process the same way as in AccountRight. Any guidance would be helpful. Thanks.
Hi Charlie_Gonzo,
Thanks for posting,
I understand we are trying to set up our file to act as you used it in AccountRight. In my understanding, the applications AccountRight and Business are the same in this regard.
You manage your link accounts for payroll the same way, and you set the employee's Payment details the same way.
You can recreate your payroll setup from AccountRight.
Let us know if you require any further assistance.
Thanks,
Genreve
Thanks for your answer. I guess I also want to know why we use a Payroll Cheque Account instead of just paying straight from our bank account? (silly question I know, but I've never asked) Is there a benefit to using a clearing account such as a Payroll Cheque Account, and is there a disadvantage to paying straight from your bank account? With below 5 payroll employees is one way better than the other? Thanks.
Hi Charlie_Gonzo,
Thanks for your response.
Although I can't explain why your file is set that way. In my understanding, if you still pay the amount in the same amount in the bank account, you can set the linked cheque account to the bank account, as this will save an extra step in your workflow. The only upside in passing the transaction to a clearing account is that you can delete and recreate the transfer from the clearing account to the bank account if you make a mistake. Otherwise, it's best to set this to the bank account directly.
Let us know if you require any further assistance with this.
Thanks,
Genreve
