Setting Up Electronic Payments and Reconciling in Bank Feeds

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Contributing Cover User CBell
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Setting Up Electronic Payments and Reconciling in Bank Feeds

Hi,

 

I'm a bit lost and confused with the set up of my electronic payment account and process!

 

There is already an electronic clearing account (1-0190) in my list of accounts. It is setup under bank and is a linked account.

In the linked accounts screen, the Electronic clearing account is linked to electronic payments.

 

I have setup employees/suppliers card files with their bank account details and selected payment type as electronic.

 

I am able to record the payroll or supplier payments. 

When I create the Electronic Payment file, the account to pay from is my Cheque Account 1-0100, which is my actual bank account - Is this correct?

 

What I am unsure of next is how to reconcile the payments to the bank feed.

 

The individual transactions are recording in the clearing account (as a debit and credit), and a bulk payment amount is showing in my Cheque account (viewable from the reconcile screen). 

The Bank Feeds screen is showing from the bank, the individual amounts/transactions uploaded from the bank file. 

How do I reconcile the Bank Feeds screen?

I feel that one side of the individual transactions should be showing in the bank feeds and the bulk amount showing in the clearing account, but not sure what I've done wrong?

Thanks

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MYOB Moderator Neil_M
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MYOB Moderator
MYOB Moderator

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Re: Setting Up Electronic Payments and Reconciling in Bank Feeds

Hi @CBell 

 

Generally speaking, whichever account is linked as the bank account for electronic payments acts as a holding account to prepare the aba files. So when using the Prepare Electronic Payments, the pay from account is the real world account that you want the funds to come out of. Its also worth noting that the prepare electronic payments functionality is designed to amalgamate multiple individual transactions into a single transaction

 

Depending on your bank and how they load the bank feeds transactions it will either be as a single amount or individual transactions. This is entirely up to the bank, we don’t have any control over that.

 

On the bank feeds window within AccountRight, each match works on a one to one match. So if the transactions coming through on the bank feeds are individual amounts, to have them match the transactions the transactions in the bank account needs to be individual amounts.

 

As the electronic payment will show in the bank account as a single amount, you have a couple of options. The first is to go into the Reconcile Accounts window and tick the bulk payment, before going in the bank feeds window, right click on the transaction and choose the option Hide Transaction.

 

Alternatively you could delete the one individual bulk electronic payment and prepare individual transactions for the amounts. This would allow the transactions to match

Regards,
Neil

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Contributing Cover User CBell
9 Posts
Contributing Cover User
Australia
Contributing Cover User

9Posts

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Re: Setting Up Electronic Payments and Reconciling in Bank Feeds

Thanks and sorry for not responding sooner. I realise my bank is the issue now and not the way I've set up AR. It's a tad dissappointing on the banks behalf, that they process it this way and kind of defeats the purpose of a batch payment. You save time at the bank end by uploading the file, then lose time by manually balancing and hiding all the transactions!

I will be lodging my concerns with the bank to see if they can change this feature in the future!

 

Appreciate your time.

 

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