Forum Discussion

SherryltqWahl's avatar
SherryltqWahl
12 months ago

How to Clear the Prepare Electronic Payments account for payments which was paid by cash

I recently joined this business and got a big mess in the Prepare Electronic Payment accounts. I was told all the pay items from 2007-2021 was enter into this clearing account accidentally but alrea...
  • Princess_R's avatar
    Princess_R
    12 months ago

    Hi SherryltqWahl,

     

    Thank you for your post. I'd like to extend you a warm welcome to the Community forum. I hope you find it a valuable resource.

     

    To remove transactions from the Prepare Electronic Payments window, simply click on Bank File. This action records the transfer of the amount from the electronic clearing account to the bank account. Since the payments were made in cash, there's no need to upload the file. However, it's essential to note that this might impact your reconciliation report. I would recommend consulting with your accountant about the possibility of creating a dummy bank account for downloading the bank file.

     

    Please let me now if you require further assistance with this. 

     

    If my response has answered your question, please click on "Accept as Solution" to help other users find this information.

     

    Cheers,

    Princess

Princess_R's avatar
Princess_R
MYOB Moderator

Hi SherryltqWahl,

 

Thank you for your post. I'd like to extend you a warm welcome to the Community forum. I hope you find it a valuable resource.

 

To remove transactions from the Prepare Electronic Payments window, simply click on Bank File. This action records the transfer of the amount from the electronic clearing account to the bank account. Since the payments were made in cash, there's no need to upload the file. However, it's essential to note that this might impact your reconciliation report. I would recommend consulting with your accountant about the possibility of creating a dummy bank account for downloading the bank file.

 

Please let me now if you require further assistance with this. 

 

If my response has answered your question, please click on "Accept as Solution" to help other users find this information.

 

Cheers,

Princess

LeanneYal's avatar
LeanneYal
3 months ago

Hello Princess,

 

your solution is missing one step to ensure that the balances of the bank account and the electronic clearing account are correct after creating the Bank File to clear the unwanted transactions from the Prepare Electronic Payments window.

A Journal Entry must be recorded to remove the impact of the Bank File transaction:

          Dr Bank Account

                      Cr Electronic clearing account

This will result in a deposit in the Bank account that can be reconciled against the withdrawal that the unwanted electronic payment created.

It will also result in a withdrawal in the Electronic Clearing account that can be reconciled against the deposit created by the unwanted electronic payment.

Both the Bank account and the Electronic Clearing account will then reconcile. 

I hope this helps others in future.

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