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MattBedford's avatar
MattBedford
Trusted User
2 days ago

Undeposited funds- cannot allocate to cheque account

Hello,

 

We are seeing some online payments ending up in our undeposited funds account even though we have it set so all payments are allocated to our cheque account. We are manually trying to allocate these undeposited funds into the correct account (cheque account) however MYOB comes up with a message to say we can't move them as they are from a previous financial year. This is not correct, the undeposited funds are from a payment received in September. Has anyone had this issue or know why the software would block us from moving the funds? 

 

Thanks for your time and assistance, Matt

  • Earl_HD's avatar
    Earl_HD
    MYOB Moderator
    2 days ago

    Hi MattBedford,

    This issue might be related to the setup. You'll need to check your payment and fee category settings. To do this, log in to the MYOB dashboard, navigate to Settings, go to Sales Settings, click on the Payments tab, scroll down and click Edit Preferences. Under Online Payments, go to Settings. In the Bank Accounts section, ensure that the payment category is set to the same account as the settlement bank account. Set the fee category to an appropriate expense category. 




    This should help ensure that payments are allocated correctly and fees are categorized properly.

    Regards,
    Earl

    • MattBedford's avatar
      MattBedford
      Trusted User
      20 hours ago

      Hi Earl, 

      Thank you for your reply. We have followed the above and checked all the settings. The correct accounts have been selected. Some of the invoice online payments we have received in the last few weeks will not allow us to move the amount from the undeposited funds account to our cheque account (this is our allocated account for payments received). MYOB pops up a message stating " you can't edit transactions from a previous financial year". The payment we are trying to move is from this financial year and was paid on 23rd September 2024. Is this a glitch in the software anyone is aware of?

      Screenshot attached of the message I receive when trying to move this payment from undeposited account to our allocated cheque account. 

       

      Thanks again for your help.

       

      Matt

      • Princess_R's avatar
        Princess_R
        MYOB Moderator
        5 hours ago

        Hi MattBedford,

         

        The "You can't edit transactions from a previous financial year" error usually pops up when you're trying to edit a Spend Money transaction, even if it's not actually from the previous financial year. To fix this, you usually need to delete the electronic payment first. But in your case, since it's a payment from an OIP transaction that went to an undeposited fund, you may try to create a new undeposited fund account to transfer the amount from the current undeposited accounts to see if it'll move the amount without any error. But if you receive the same error, it might need a bit more digging by our support team. You can reach out to them through live chat via our virtual assistant MOCA or raise a support ticket at myaccount.myob.com.

         

        Cheers,

        Princess