Forum Discussion

Millers_BA's avatar
Millers_BA
Partner
4 years ago

Electronic Payments issue in Bank Recconcilliation

I have a new client who has two separate businesses under the same ABN with two separate Bank accounts.  They have processed Payroll for one business and created the aba file for the payroll from one...
  • Steven_M's avatar
    Steven_M
    3 years ago

    Hi Millers_BA 


    If I have understood you correctly you have two company files with a bank account in each. Within Company File 1, you have processed the pays for the employee but in the upload process to the bank, the funds have come from Company File's 2 bank account?

     

    If I am on the correct track, it would be a matter of setting up a new bank account in each company file. For example, if Company File 1 you would generate a new holding account -- Accounts>>Accounts List>>New and give the account a number, name and set the account type to be Bank. You'll then need to enter dummy banking information into the Details section of that account. Once that account has been created, you would process the Electronic Payment to the account within that file.

     

    In the other company file it would be a similar process of going to create another holding account  Accounts>>Accounts List>>New and give the account a number, name and set the account type to be Bank. Once that has been included, it would be a case of recording a Spend Money transaction from the required bank account to the holding account for that amount.


    Note: The above processes will leave you with a balance in the holding account for each company file which could be included in a journal or another transaction to clear that account balance in the file.

Steven_M's avatar
Steven_M
Former Staff
3 years ago

Hi Millers_BA 

 

You would want to replicate what has occurred in real life with those payments. For example, if those transactions have been paid by a different bank account, you would be looking at deleting the currently processed electronic payment- this will leave the transactions back into the Prepare Electronic Payments window. You would then retick the appropriate transactions and process them again with the appropriate Pay from Account listed.

 

Help Article: Making electronic payments with a bank file should be able to assist with that process of deleting the electronic payment and re-creating it so it can go against the appropriate Pay from Account.

  • Millers_BA's avatar
    Millers_BA
    Partner
    3 years ago

    Thanks Steven however the payroll belongs to the datafile that they were created in but the payment was made from the wrong bank account.  Therefore I have two issues The Electronic Payment remains outstanding in this datafile.  When I come to process the Bank Reconcilliation in the other Datafile where the payment has been processed. the payroll electronic payment does not exist as the employees belong to the other datafile, if that makes sens?!!

     

    • Steven_M's avatar
      Steven_M
      Former Staff
      3 years ago

      Hi Millers_BA 


      If I have understood you correctly you have two company files with a bank account in each. Within Company File 1, you have processed the pays for the employee but in the upload process to the bank, the funds have come from Company File's 2 bank account?

       

      If I am on the correct track, it would be a matter of setting up a new bank account in each company file. For example, if Company File 1 you would generate a new holding account -- Accounts>>Accounts List>>New and give the account a number, name and set the account type to be Bank. You'll then need to enter dummy banking information into the Details section of that account. Once that account has been created, you would process the Electronic Payment to the account within that file.

       

      In the other company file it would be a similar process of going to create another holding account  Accounts>>Accounts List>>New and give the account a number, name and set the account type to be Bank. Once that has been included, it would be a case of recording a Spend Money transaction from the required bank account to the holding account for that amount.


      Note: The above processes will leave you with a balance in the holding account for each company file which could be included in a journal or another transaction to clear that account balance in the file.