More than 1 bank Account

[Unicorn313]

The company has many bank accounts and funds are deposited by EFTPOS.  When the sales invoices are generated MYOB Account Right allocates it to the Working Account rather than being able to allocate to which ever bank account the receipted money has been deposited to.  I have tried to alter the setup so that all funds will go to Undeposited funds but this has not worked.  So the sales info appears in the reconciliation of bank account 1 but the funds are deposited into say bank account 2.  Even if I change the bank account to receipt the funds manually in Receive Payments the bank accounts will not reconcile with a credit in one account and a debit in the other.

[ronatbas]

@Unicorn313

The money is going to the account that has been selected as the linked account for Sales. Try this go Setup> Linked Accounts>Sales and change the Bank Account for Customer Receipts to Undeposited Funds. It should sit there waiting for you to do a Receive Payment then transfer to a real bank.

[Unicorn313]

Yep, tried that and it still sits it in the working account and not Undeposited sales.  This is the invoice side of it not the receipting side.  so not sure if it is how our file is set up but each time I submit an invoice it puts a Cr in the working account.

[ronatbas]

@Unicorn313

You should talk to the accountant and give him a back up of the file as it is and before you make any changes. The problem is that on the same screen that I mentioned earlier the top line is Account for Tracking Receivables. This should be set your Trade Debtors not  the bank. If you open one of your invoices and press<control>R a recap of the transaction will come up showing that you are debiting the bank and crediting sales. It should be saying push it to trade debtors until they pay. When they pay it is credit trade debtors debit bank. 

It is going to depend on how far back your accountant wishes to go as all of these  invoices have been sitting on your balance sheet and must have been hanging when you did a bank reconciliation.

To fix your file is going to depend on how consistently you have reconciled  to the receipted money and not the initial entry created by the invoice.If that is 100%, then the invoices that should be in trade debtors will be sitting at the bottom of your reconciliation report as oustanding deposits.This means that you can call up a Bank Reconciliation Report (Reports> Banking>Reconciliation Report)  for the 1-xxxx Account for today's date and at the bottom of the report will be a string of Outstanding deposits. The first of them will tell when the change from trade Debtors to bank was made.

We need to move these from bank to trade debtors and there is a way to this without deleting and recreating every invoice. You need to make a small, non monetary change to each of the invoices. From memory I think adding a full stop to the end of the memo line works or re-typing the date works. You can test it on the first one then regenerate the report and see if it is removed from the list. I'll ask @Julie_A_C to join us as I'm sure she will be able to recall the right way. Julie may also have another method of tracing these invoices.

 Edit : It occurred to me later that the the only ones that will need treatment are the open invoices  on the Sales Register. Any closed invoices will no longer be on the bank register.

[Unicorn313]

Thanks the account for tracking receivables was blank, so I have now changed to Trade Debtors. Unfortunately it is still showing the invoice as a "deposit" in the reconciliation of the working account.

[ronatbas]

I assume you mean previous invoices. These will not move until you gone through the process that I mentioned above. Try a new invoice and check the recap it should now sent it trade debtors. With the invoices going to Trade Debtors and the income going to Undeposited Funds your bank rec's should be a lot simpler.

Godd Luck

[Unicorn313]

No not previous invoices as there are no outstanding invoices.  I have just created a new one after choosing Trade Debtors for my receivables.  It still shows as an invoice in the reconciliation of the working account.

[ronatbas]

We are now in unknown territory. Try  Control R to get a recap of the new transaction - there should be nothing pointing to you working account. If it all looks correct try closing of and restarting MYOB, then repeating the exercise.

[Unicorn313]

Control R shows the invoice to the working account with corresponding credit to the correct relevant accounts.  I will delete the invoice, close and reopen MYOB and then redo invoice to see if that will correct.  Thanks for all your help so far.

[Unicorn313]

Have deleted the invoice, closed MYOB and reopened.  Then recreated the invoice which still shows in the working account.  I have the receivals set to Trade Debtors and while I have not receipted a payment there is a zero balance in Trade Debtors.  Any further suggestions?