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Electronic clearing balance

Hattie18
4 Posts
Cover User
Hattie18
Cover User

4Posts

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Electronic clearing balance

Hi there,

We had our registration day and all payments made on the day via our POS terminal were allocated to the Electronic Clearing account.

How do I transfer this into my main bank account?

 

Thanks

Hattie

1 REPLY
Ultimate Partner GDay53
1,075 Posts
Ultimate Partner
Australia
GDay53
Ultimate Partner

1075Posts

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Re: Electronic clearing balance

@Hattie18

 

Welcome to the MYOB Community Forum, I hope you find it a wealth of helpful information.

 

I think you might have the wrong idea about the Electronic Clearing Account and what it used for in MYOB.

You use this account recording payments that MYOB will make electronicly, like when you create an ABA file.

http://help.myob.com/wiki/display/ar/Set+up+electronic+payments?searchfacet=support:help&searchterm=...

http://help.myob.com/wiki/display/ar/Electronic+payments?searchfacet=support:help&searchterm=electro...

 

This is not used for EFT or bank transafers. They should be going to Undeposited Funds.

http://help.myob.com/wiki/display/ar/About+undeposited+funds?searchfacet=support:help&searchterm=und...

All the POS payments should be allocated to Undeposited Funds. You then open the Prepare Bank Deposit window. Enter the date you are making the deposit and tick off all the entries for that date. EFT, Amex etc should be done as seperate daily deposits as they will appear in your bank account seperately. Cash and cheques will be done as a single physical deposit and again should be done as a seperate deposit to the EFT etc.

 

The links are to the MYOB Support notes if you need to look up anything elese try https://www.myob.com/au/support

 

Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
MYOB Certified Consultant
MYOB Diamond Partner
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