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 already paid by cash. So all the entry are stuck in this clearance account for some reason.

So How do I clean up this clearance account? The screenshot I attached already been paid. so I do not have old data and obviously the bank rec was done back then in some other ways. So How do I clear this from the clearance account?

Princess_R
2 years 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
MYOB Moderator
2 years 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
- gpritch
  Contributing User
  17 days ago
  Hi Princess
  
  I'm also trying to remove a lot of old items from the Prepare Electronic Payments window.
  
  When I select some of the very old ones and click on Bank File, the response is "There were no transactions to process" . Please let me know if I'm missing something on this.
  
  Regards
  Geoff
  - Shella_A
    MYOB Moderator
    17 days ago
    Hi gpritch,
    
    To remove old items from the Prepare Electronic Payments window, you can try the following steps:
    
    Open the Prepare Electronic Payments window.
    
    Select all the transactions.
    
    Click Record to create the bank/ABA file.
    
    Delete the bank file.
    
    If you receive the message "There were no transactions to process," it means the transactions are too old to be processed in the current bank file. In this case, you can disregard those transactions and avoid including the old dates when filtering. Please speak to your accountant about doing a journal entry to offset this transaction as it will affect your bank reconciliation.
    
    Regards,
    
    Shella
- LeanneYal
  5 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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How to Clear the Prepare Electronic Payments account for payments which was paid by cash

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