Online payment system
Well well well, looks like we found some time to play with the online payment system. I bet the changes we've asked for won't have been implemented...
Forum Discussion
Hi mscheurer,
Thank you for your post, and my apologies for the delayed response. Referring to the notification, from April 15, online invoice payment fees for each invoice will be deducted when the invoice is paid. This means when a customer pays using the 'Pay now' button in their online invoice, they will receive the payment minus the fees.
To ensure this is setup correctly, the business owner or administrator needs to make a change in your online invoice payment settings. It involves setting up the MYOB account you want to use to keep track of their online invoice payment fees. We call this your fee ledger account, and it's typically an expense account (the account number will start with 6-xxxx). When you do this, the online invoice payments and fees will be automatically allocated to the applicable accounts in MYOB, simplifying your payment reconciliation.
Meanwhile, here are the steps on how to set up your fee ledger account:
- Click to access the online invoice payment portal.
- Sign in with your MYOB account details (email address and password).
- If you have more than one MYOB business, choose the business the online invoice payments relate to.
- If it isn't already, turn on the online invoice payment preference. Even if you don't currently want to use online invoice payments, you'll need to turn it on to change the required setting. If you like, you can turn it off again after completing these steps.
- (MYOB Partners only) Update the bank account that's been set for online invoice payment fees. This must be changed to a merchant-owned account rather than a partner-owned one.
- Choose the MYOB ledger account to record online invoice payment fees. Check with your accounting advisor if you're unsure.
- Click Save.
You may also click on the Learn More About Changes link on that notification to access full, detailed information about this.
Do not hesitate to post again if you encounter any issues in the future.
If you find this response helpful, kindly click the "Accept As Solution" button to aid others in finding this information.
Kind regards,
Shella
Good afternoon,
We have set up the Ledger account to record the merchant fees which starts with 6-xxxx but we would rather have a Ledger account that starts with 9-xxxx, is this possible at all?
Hi admindthobbs,
Thanks for your post. Users can modify the account number and name of an existing account in MYOB Business, but they cannot change the account's classification. For instance, if an account is originally categorized as an expense account, it cannot be switched to a Cost of Sales account. Please refer to these help articles for additional information. Chart of Accounts and Adding, editing and deleting accountsFeel free to post again, we're happy to help!
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
Regards,
EarlHi Earl,
Thanks for your response. I don't want to change the account's classification I just want to change the Ledger account to record merchant fees for online invoice payments. At the moment from the drop down box I can only select an account that starts with 6-xxxx (expense account) but the account I want to select starts with 9-xxxx (other expense account). Is there any way of being able to select this other expense account starting with 9-xxxx to record our merchant fees for online invoice payments?
Hi admindthobbs,
Thanks for your response. Unfortunately, it's not possible to set up a Ledger account for merchant fees starting with a code other than 6-xxxx as it's already configured under an expense account. For further details, please refer to this help pages. Accounts list and Online invoice payments.
Feel free to post again, we're happy to help!
Regards,
Earl
