I have noticed in the last 6-8 weeks that invoices paid by MYOB PayBy are taking awhile to be automatically closed in MYOB file which makes it frustrating a) reconciling account b) clients receiving automated follow-ups when they have already paid. Any advice?
Agree with you. It shows in the bank account put not taken out of undeposited funds. I did take one out, and then it dropped in the bank account again so messed everything up. Now I am afraid to touch it! Frustrating when you do a bank rec every day.
Hi there Louisemarie4217,
When invoices are paid via MYOB PayBy, they should automatically be marked as paid and moved out of undeposited funds. If this isn't happening, try checking if there are any pending updates for your MYOB software and ensure that your online payments service is properly configured. You can also manually match the payments to the correct invoices in your bank feeds to avoid duplication.
If the issue persists, it might be helpful to disable the automatic matching feature temporarily and manually reconcile the transactions to ensure accuracy.
Regards,
Shella
Hi MrTaxman,
I understand how frustrating it can be when invoices take longer than expected to close automatically. It's possible that the payment in question might not have been properly categorised under the 'Fee' category. This could cause delays in the automatic closure of the invoice. I'd recommend double checking that payments made via MYOB PayBy are correctly categorised.
Regards,
Sai
I can see online that under the transactions tab that monies that hit bank account have appeared but they have not flowed through to my bank reconciliation in my MYOB file yet.
So how do you check if they have been "properly categorised"? I have a simple business with income going to 4-1001 accounts. Payby had been operating well since I signed up to that in 2020. On 18 April 2024 we got an email to say:
We are simplifying how fees for online invoice payments are billed. Instead of being billed monthly, online invoice payment fees will now be deducted from each invoice payment.
Before the change, there’s just one thing you need to do to make sure your payments and fees automatically reconcile properly. Follow the instructions below or watch the short how-to video to find out more.
Action required: Set up your ledger account to record merchant fees
1. Click set up now to go to Online payments settings 2. Choose the Ledger account to record merchant fees (This will typically be an expense account, but check with your accounting advisor if you're unsure). 3. Click save |
I did this back then & checked a number of times since as I believe the core root of error occurred since these changes by MYOB came into play. Frustrating me enough to consider moving to another software package if MYOB doesn't lift its game.
