MYOB Live System setup: EFT payments & aba export/import files

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Carol_G
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MYOB Live System setup: EFT payments & aba export/import files

Hi

We have live bank data feeds setup in our MYOB Accountright file with x3 clearing accounts for payments, receipts & payroll.

 

My query is if payments are posting directly to the bank account and balancing to either trade creditors/payroll providing a debit credit balance then how do you balance the previous days bank data which is uploaded?

 

Processing manually all creditor invoices would be paid/cleared to the payments clearing account. All debtor invoices would be receipted/cleared to the debtors clearing account. All payroll payments would be paid/cleared to the wages clearing account.

 

If Creditors/Wages are now paid/cleared automatically when an EFT/aba file is extracted from the system then won't this create a double up in bank transactions when live data is uploaded?

 

Thanks

Jason

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Ultimate Partner GDay53
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Re: MYOB Live System setup: EFT payments & aba export/import files

@Carol_G

 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

 

What you need to do is look at how it is done now and make them match.

For Example lets have a look at the Payroll.

Currently you use a Payroll clearing account so you should have your Linked Accounts setup with the Cash Pyaments linked to the Payroll Clearing account.

In the Bank Feeds you now need to create a Transaction Rule so that when the pays appear in the Bank Feed they are allocated to the Payroll Clearing account.

So there are two amounts going into the Payroll Clearing account one from when you do the payroll and one for the payment which should be equal and opposite so that the Payroll Clearing account should end up being zero.

If you are using Electronic payments to pay the Payroll you should have ticed the box to create a elf balancing transaction when creating the ABA file.

Bank feed should find this and match automatically if not use the Find button and open the search dates.

This procedure should be the same for all payments.

 

If my response to your query and has helped, please mark my post as a solution to help others in the future.
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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