Merchant fees not automatically reconciling
Hi there, We've just started receiving online payments minus the merchant fees as advised by MYOB but it doesnt seem to be automatically reconciling. The amounts obviously dont match and are out of ...
Forum Discussion
Hi Clare,
We too are having an issue with automatic matching of payments received. This has only started since the change in way online payments are processed. I assume our amounts don't match due to the merchant fees/transaction fee being taken out. Have you had any luck with a reply on here regarding a work around? We have emailed tech support 2 days ago and yet to hear back. Thank you, Matt
Hi Matt,
No useful response from MYOB yet, just referrals to an online article. I have another support discussion which has also led nowhere.
It would be interesting to know if our problems are exactly the same- are your invoices still open even though the customer has paid? We have none of the automatic transactions being completed. So we are needing to manually record the payment and merchant fee transactions so that the bank feed will match up.
Claire
Hi Claire,
We have had a read through other articles and haven't found a solution yet.
When clients pay their invoice, all funds end up in our undeposited funds account even though we have it set to put the funds in our cheque account. MYOB marks the invoice as paid but then we need to manually assign the payment amount to the invoice. When we manually assign the payment, the amounts don't line up and we are certain this is due to the new way they are processing the fees for online payments. We can see the online payment processing amounts charged and they are broken into 3 categories. Payer surcharge, transaction fee and merchant fee. These also end up in our undeposited funds account and need to be manually assigned to our cheque account. When we do this, the amounts disappear. We believe this is due to MYOB marking these as an expense for us , which it isn't as our clients pay for this.
Maybe I can move the online payments fees paid by the client to an income account and test if the payment amounts received then match? Atleast this way we can prove that this is the cause of the amounts not matching.
Sorry for the long answer,
Matt
Hi Claire
while we hope to get this issue resolved. Could I please ask you for some personal advice on balancing MYOB with the outstanding amount that remains out of balance. We would
appreciate some input on this? A call when convenient would be preferable
Michael
Hi Michael,
I've just responded to Matt's report he's posted on this thread.
It might shed a little light on how we are balancing ours by manually entering MYOB's automatic transaction.
See how you go reading through- hope it makes sense.
Claire
Ok, thanks Claire
ill take a proper look later.
however, I just had a thought. Is the issue because (as it is in our situation) not changing to passing the fee to the customer? Is the amount that is out of balance an unpaid amount? Is it a random charge? Unmatched in this situation?
Michael
The issue (if we have the same issue), is that there are transactions that are meant to be performed when MYOB closes an online transaction. These transactions likely aren't being completed.
If you refer to their online article, you can expand to see what MYOB does automatically. In our system, we have had to manually do these transactions and once they are done, the bank feeds match up just fine.
You should be able to tell if the customer is being passed on the fee by pulling up the online transactions. You can do this through your reports, or via the online invoice payments portal to see a breakdown of customer payments and fees associated.
Claire
