Electronic Clearing Account

Question

Hi,I'm hoping someone can give me an answer that is correct.&nbsp; &nbsp; When reversing a pay in STP, how do you clear the negative payroll file from the electronic clearing account?&nbsp; &nbsp; This pay was prepared and recorded, but changes needed to be made so it was reversed and then the correct pay file was prepared, recorded and sent to the bank for processing.&nbsp; However, the reversal is sitting in the electronic clearing account as a negative.&nbsp; How do you clear this without messing up the bank rec with a negative entry?&nbsp; I spoke with support and they said it just stays there.&nbsp; I don't agree with this as it appears on the balance sheet as a negative amount that affects the total cash in hand total which from an accounting perspective is incorrect.&nbsp; Can someone please give me the correct answer as my boss, who is an Accountant is wanting me to get rid of this and I don't know how to.Much appreciated!Janine.

jlm60 · Answer

I am looking at the same issue this morning. I also have a negative amount showing in the electronic clearing account, when you select Prepare Electronic payment but if you go to Bank Register and select Electronic Clearing Account the balance is showing as Zero and it is not showing on the balance sheet. I cannot see any other problems in the P&L or Balance sheet with the pay reversal or the new pay so I expect support is correct in saying it just stays in the electronic clearing account. Would the boss be happy if you tell him that this is just a glitch in MYOB electronic clearing account (in relation to reversing pays) but you have confirmed that it does not show in the Balance Sheet. Perhaps MYOB can work out a way for us to tidy this up. I will look out for any other replies, also.

Regards

Judy

Forum Discussion

Electronic Clearing Account

Looking for something else?

Related content

Electronic clearing account

Electronic clearing not reconciling

Clear electronic clearing account - salaries

Electronic clearing account - old transaction

clear Prepare Electronic Payments

Clearing Electronic Payments

Electronic clearing account is not 0. after i did reconciliation

Payroll Clearing Account