Forum Discussion

JBHIlls's avatar
JBHIlls
Contributing User
2 years ago

Reconciling Payroll MYOB Business

Hi,   I cannot reconcile my payroll payment to the bank payment.    With MYOB Business when i go to reconcile it only shows one Electronic Payment on the MYOB side and in my bank feeds shows the ...
Payroll Bank Reconciliation
JBHIlls's avatar
JBHIlls
Contributing User
2 years ago

Thanks for replying. 

 

I have deleted the bank file and have now gone in to Banking>Prepare Electronic Payments and can view each of the transaction. What do you mean by " You can reprocess them by batch to match the bank feeds". How do i do that?

 

Do you mean i have to them go an invidiually tick each transaction and select download bank file? If so that is crazy. Hopefully that is not what you mean. 

 

Thanks 

Genreve_S's avatar
Genreve_S
MYOB Moderator
2 years ago

Hi JBHIlls, 

 

Thanks for the response. 


Unfortunately, going through the Prepare Electronic Payments and processing the transactions individually is what I meant. As the electronic payment recorded is a bulk transaction, you will need to recreate them in batches. 

 

Also, I recommend not using the "Pay via Electronic Payments" (bank file) option if you regularly pay your employees individually from the bank. (you will need to set the linked account for cash payments from the Accounting > Manage Linked Accounts > Payroll tab to make sure the payment goes to the right ledger account)

 

Let us know if you need any clarification or additional help. 

 

Thanks,
Genreve

  • JBHIlls's avatar
    JBHIlls
    Contributing User
    2 years ago

     

    You use a bank file to improve efficiency why would I then go back and delete the bank file and have to recreate each transaction? This is crazy! 

     

    I never experienced this issue with MYOB Essentials I paid my employees via bank file and the transactions recocniled back to the payroll bank file items. Why has MYOB changed this so you can't reconcile your bank file to your bank transactions? Surely every single MYOB user who is using bank files to pay their staff are expereicning this same issue? 


     

     

    • Genreve_S's avatar
      Genreve_S
      MYOB Moderator
      2 years ago

      Hi JBHIlls, 

       

      I'm sorry to hear about your concerns regarding the process.

       

      I understand that the differences between Essentials and Business can significantly affect your usage of the product. Typically, creating a bank file from MYOB Business and uploading it to your bank will produce a different outcome. If you use the bank file created from the application, your statement will show the bank feed as a bulk, which can then be matched to a bulk "prepare electronic payments" transaction in the file. If you process your payments individually, they should also be recorded individually in the file.

       

      It's crucial to record all your transactions exactly as they were done in the bank for accurate matching.

       

      We value your feedback and appreciate your patience as we work to improve our services.

       

      Thanks,
      Genreve

       

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