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Zoey667's avatar
Zoey667
Contributing User
5 months ago
Solved

Electronic clearing account is not 0. after i did reconciliation

Hi team,   Just a confusing question about electronic clearing account. I did reconciliation for my normal bank account. And then I found the balance of electronic clearing account is not 0. And th...
  • Princess_R's avatar
    Princess_R
    5 months ago

    Hi Zoey667,

     

    Thank you for your response.

     

    The amount in the electronic clearing account may be due to transactions not yet reconciled. It doesn't necessarily mean you didn't prepare an electronic payment. When you prepare electronic payments, it should offset the electronic clearing account.

     

    Regarding your second question, if you've set your bank accounts for electronic payments to be linked with the electronic clearing account, after a pay run, it should appear in the prepare electronic payment function. When you proceed with preparing electronic payments, it's expected to reconcile and clear the electronic clearing account to 0.

     

    If you have any more questions or need further assistance, feel free to reach out.

     

    Cheers,

    Princess

Zoey667's avatar
Zoey667
Contributing User

Hi Princess,

 

Thanks for you reply. But could you please tell me why it has amount in electronic clearing account? Is this means I didn't prepare electronic payment? If I do prepare electronic payment, it will be offset. Is this right?

Another question is about prepare electronic payment, after I did pay run, this pay run will occur in prepare electronic payment function, right? And if I do prepare electronic payment, electronic clearing account will be clean to 0. Is this correct for my understanding?

Princess_R's avatar
Princess_R
MYOB Moderator
5 months ago

Hi Zoey667,

 

Thank you for your response.

 

The amount in the electronic clearing account may be due to transactions not yet reconciled. It doesn't necessarily mean you didn't prepare an electronic payment. When you prepare electronic payments, it should offset the electronic clearing account.

 

Regarding your second question, if you've set your bank accounts for electronic payments to be linked with the electronic clearing account, after a pay run, it should appear in the prepare electronic payment function. When you proceed with preparing electronic payments, it's expected to reconcile and clear the electronic clearing account to 0.

 

If you have any more questions or need further assistance, feel free to reach out.

 

Cheers,

Princess

  • Zoey667's avatar
    Zoey667
    Contributing User
    5 months ago

    Thank you so much!

    • Princess_R's avatar
      Princess_R
      MYOB Moderator
      5 months ago

      Hi Zoey667,

       

      You're very welcome! I'm delighted to hear that my response was helpful for you. If you have any more questions or if there's anything else I can assist you with, feel free to start a new post. Thank you for accepting my response as a solution to your query! I will now be closing this thread as resolved.

       

      Cheers,

      Princess