CLEAR PAY BILLS ENTRIES IN ELECTRONIC PAYMENTS

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AUS2
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CLEAR PAY BILLS ENTRIES IN ELECTRONIC PAYMENTS

I have recently set up an electronic clearing account and then used that account to pay some bills via spend money.  This has worked fine and I have been able to reconcile etc but when I go to the electronic payments window the payments are all sitting there, I went through the drop down menu and these payments are shown under the "Pay Bills" tab.

I would like to clear them from this window.

 

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MYOB Moderator Steven_M
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Re: CLEAR PAY BILLS ENTRIES IN ELECTRONIC PAYMENTS

Hi @AUS2 

 

Generally speaking, the electronic payments process in AccountRight would be:

  1. You would mark the individual transactions i.e. the Pay Bills transactions as Electronic Payments. These transactions will then appear in the Prepare Electronic Payments window ready for processing.
  2. Once in that Prepare Electronic Payments window, you would tick the associated transactions that you are paying with that ABA/Bank file before selecting Bank File. 

What the above process will do is collate all the individual transactions into the one account/window. You then have a second transaction i.e. the electronic payment transaction moving that balance from that window and have it placed against the required bank account.

 

In your case, you mentioned that you have recorded that transfer through to the bank account as a Spend Money transaction. Ideally, to clear that electronic payment you would be looking at deleting that Spend Money transaction and then reprocess that transaction via Prepare Electronic Payments. 


The other option and would only recommend if you have a large number of transactions in that Prepare Electronic Payments window that are no longer required, is to generate a new bank account and set that as the linked account. For example, you would go to Accounts>>Accounts Lists>>New - give the account a number, name and set the account type to be Bank. You would then set that new account as the Bank Account for Electronic Payments in Setup>>Linked Accounts>>Accounts & Banking.

Kind regards,
Steven

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AUS2
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Re: CLEAR PAY BILLS ENTRIES IN ELECTRONIC PAYMENTS

Thanks Steven,

 

I am still a bit lost with this, my reason for using spend money was that the bills had already been paid for outside of the company and I needed to record them for GST purposes.   I paid all of the bills using spend money from the electronic clearing account, then I created a liability account, did a journal entry from that account to the electronic clearing account.  This moved the money spent into the new liability account and recorded the expenditure for GST purposes.

 

Happy to explain in more detail out of the public arena if that helps, I have tried using phone service but have not had good experiences the last couple of times so I thought I would try the forum for the first time.

 

 

MYOB Moderator Steven_M
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Re: CLEAR PAY BILLS ENTRIES IN ELECTRONIC PAYMENTS

Hi @AUS2 

 

I see the confusion Pay Bills is a window in AccountRight that is used to record payments on Purchases (bills), I was referring to that particular window and a Spend money transaction to clear the electronic payments account. You have referred to a series of Spend Money transactions and a journal entry account to clear the window.


Ideally, with your situation, if you are not using AccountRight's Prepare Electronic Payment functionality you would process the payments (Spend money transactions) directly to the required bank account. This will generate the necessary transactions in the bank account to match with the corresponding bank transactions you record in real life.

 

Now, in your post, you mentioned that those Spend Money transactions were for payments for Bills that had already been paid for outside of the company,  what exactly do you mean by that? Are these for purchases that you have made for another company? Purchases made for the company just done outside of the program i.e. you have processed an Internet Banking transaction?

Kind regards,
Steven

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