NZ Bank Account Names

Question

Hi there,NZ Banks are now double checking that bank account names match with bank account numbers. I notice when the payment file is created, the A/c name field is not pulled into this file and instead defaults with the employees First &amp; Last name. When the file is then imported into our bank to make the payments, the names are sometimes incorrect to the exact bank account name. How do we go about updated this for future pay runs without having to manually override the account names each time it is imported into the bank.Thanks

jenniek · Answer

Hi Bullswool,
That's what we've been told - old NZ Payroll is written in FoxPro which is old and tired and hasn't been supported by Microsoft for several years. MYOB has only been doing compliance updates for a few years now. No improved features. There is a conversion available to Business Payroll. Business Payroll is very simple and only really good for up to 10 employees (in our mind).

shella_a · Answer

Hi CarlBenton,
&nbsp;
To set up bank account details for payroll, you can follow these steps:
&nbsp;

Go to Accounting &gt; Chart of Accounts or Manage Linked Accounts and locate their bank accounts. These are usually defaulted to "Business Bank Account #1," "Business Bank Account #2," and so on.
 Click on the specific bank account name. Scroll down to find the option to fill in the bank account details.
 To set this as the default for payroll, go to Manage Linked Accounts &gt; Payroll tab and set the business bank account for the first two columns (Pays and Cheques).

&nbsp;
See this link for more detailed information about this.
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Cheers,
Shella

jenniek · Answer

Hi CarlBenton&nbsp;
Is this in MYOB Business Payroll? - I haven't noticed this, and haven't had any issues importing bank files - but keen to understand more. Assuming you are talking about employees names rather than company bank name.

carlbenton · Answer

Hi jenniek&nbsp;Thanks for your response. Yes, you are correct, the employees name/bank account name, NOT the company. This is just using standard MYOB Payroll, the separate software. The file is created when I finalise the payrun, I then import that file into our banking system but the A/C names that I have updated in MYOB under each Employees profile are not pulled through. (instead it just uses the employees first &amp; last names) I have attached a document showing a couple of the differences that will hopefully make more sense.

jenniek · Answer

Hi CarlBenton&nbsp;
Old MYOB Payroll (green icon) is coming to an end this year (getting 12 months notice is what we hear) so its unlikely MYOB will make any changes to this programme to accommodate this change for banks, so you would be better to look at changing to Business Payroll which is online - depending on the number of staff you have.

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