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May 2021
May 2021
PLEASE HELP
I had 2 invoice payments returned to my bank feed because the supplier changed banks.
I amended the new bank account in the suppliers card and I reversed the paid invoices. At end of month the Invoices were paid again, this time correctly.
I received the refunded amounts from the bank feed as a Receive Money. The "Deposited to" account is the Bank Account that the money came bank to, and the account that I recorded against in the list section was Undeposited Funds account. I was able to then reconcile my Bank Feed for Month of April.
Now when we pay anything via Prepare Electronic Payments, the two amounts are there as negatives. What do I do so that everything reconciles? Ive read in the Community that I need to do a Bank File. But that records these two amounts to the account for my Bank Account, which then doesnt reconcile for the month of April.
The Invoices are paid - how to do I just accept this returned money bank into my bank account in an easy way
Solved! Go to Solution.
May 2021
May 2021
Thanks for your post. If I understand what you've done correctly your Undeposited funds account still has those amounts outstanding so doesn't reconcile either. To clear both the electronic payments window and undeposited funds account:-
Going forward the best process for this situation is:
You don't need to reverse the Pay Bills transaction because the software will pull the updated bank details from the supplier card at the time of creating the ABA file. And you don't need to record a Receive Money transaction as the reversal creates the deposit transaction in your bank account.
If you do reverse the Pay Bills transactions:
Please let me know if you need further help.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
Cheers,
Tracey
Previously @bungy15
MYOB Community Support
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May 2021
May 2021
Hi @Tracey_H
I have completed the first 1 - 7 steps.
As for "Going forward": The transactions journal does not call these entries an "Electronic Payment".
What I do have is the transaction name as it appeared in my Bank Feed when returned from the bank, and also my Bank Deposit for the negative values that I just created.
Do I reverse the transactions that were returned from the bank?
May 2021 - last edited May 2021
May 2021 - last edited May 2021
If you've completed Steps 1-7 then your current issue should be resolved. Is that right?
Going forward, if you get funds returned again you would follow these steps:
These steps are only if it happens again, not to resolve your current issue which is a bit more complicated. Following the steps above is the easiest and cleanest way to handle returned funds.
If your current issue isn't resolved please let me know and we'll work through that step-by-step.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
Cheers,
Tracey
Previously @bungy15
MYOB Community Support
Online Help| Forum Search| my.MYOB| Download Page
Did my answer help?
Mark it as a SolutionHelpful? Leave a to tell others
May 2021
May 2021
Hi @Tracey_H
Steps 1 - 7 has fixed my issue, yes. The negative amounts are no longer in my "Prepare Electronic Payments" and my bank account reconciles in my "Reconcile Accounts" by selecting both transactions.
I was just confused as to the "Going forward" instructions, because my problem is solved. Do I need to do more?
May 2021
May 2021
I'm glad to hear that your issue has been fixed. You don't need to do anything else. I was just giving the steps for handling returned payments in the future to make the process easier for you.
Please don't hesitate to post again if you need help in the future.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
Cheers,
Tracey
Previously @bungy15
MYOB Community Support
Online Help| Forum Search| my.MYOB| Download Page
Did my answer help?
Mark it as a SolutionHelpful? Leave a to tell others
May 2021
May 2021
May 2021
May 2021
You're very welcome @SusieExpTech
Don't hesitate to post again if you need help in the future.
Cheers,
Tracey
Previously @bungy15
MYOB Community Support
Online Help| Forum Search| my.MYOB| Download Page
Did my answer help?
Mark it as a SolutionHelpful? Leave a to tell others
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