Electronic Payments and the Electronics Payments Clearing Account

maustin
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Electronic Payments and the Electronics Payments Clearing Account

I seem to have got myself into a bit of a mess with Electronic Payments and the Electronic Payments Clearing account.

 

Firstly, I don't want to have the Electronic Payments thing set up - happy to record a payment in MYOB and then manually go into my online bank account and make the payment from there.  How do I turn Electronic Payments off?  Everytime I try and create a new bill, it seems to default to Electronic Payments, and if I uncheck that option, it changes the account from which the payment will be recorded

 

Secondly, how do I clear out all the transactions in the bank file payments list without stuffing up all my accounts?

 

I've only got about 3 weeks of transactions as I'm pretty new to MYOB Essentials, but want to sort out the messs I've created, and then understand how to do it correctly so I don't create the same mess again!

 

Cheers,

Mike 

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Steven_M
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Re: Electronic Payments and the Electronics Payments Clearing Account

Hi @maustin 

 

If you go to Accounting>>Manage linked accounts, what account do you have listed as the Bank account for electronic payments

 

In your case, it sounds like you have got the main bank account listed as that Bank account for electronic payments (or the account that you use to make payment on bills). Having that main bank account set forces all payments to be treated as electronic payments thus will appear in the Bank file payments window. What you want to do is have that Bank Account for electronic payments set to be a clearing account like the Electronic Clearing account.


Having that bank Account for electronic payments set to be a clearing account, it will allow you to process the transactions to that account marking them as electronic payments and thus when required you can tick the transactions and process them to the required bank account.

 

If you don't have an electronic clearing account one can be created via:

  1. Navigating to Accounting>>Chart of accounts.
  2. Select Create account.
  3. Within the Create account window, set the Account type to be Bank, give the account a number, name and tax code (typically would be N-T) before selecting Save.

Once that account has been set up you can go to Accounting>>Manage linked accounts and set that account as the Bank account for electronic payments. Don't forget to select Save on that window after making that change. 

 

Updating that option with that electronic clearing account will remedy both of your enquires:

  • Having that account as a different account from your bank account will remove that electronic restriction on the main bank account. If you want to make use of the bank file feature in the future, it is a matter of selecting the electronic payment clearing/electronic payment tickbox when recording the individual payment.
  • As the system will only check the Bank account for electronic payments to populate the Bank file payments window, setting that to a new account means no transactions in that account thus no transactions in the window.

Kind regards,
Steven

MYOB Community Support

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maustin
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Re: Electronic Payments and the Electronics Payments Clearing Account

Hi Steven,

 

Yes, I've got my Cheque Account set up as the linked account for Electronic payments.

 

So, I've changed the linked account to the Electronic Clearing Account as you have suggested.

 

And that seems to have sorted everything out!

 

So, thanks for your help

 

If I understand things correctly, in future, if I want to simply record a payment to a supplier that, for example, I've paid using my debit card from my cheque account, I just create the bill as per normal, choose the correct linked account (the Cheque Account) and it will process things accordingly.

 

If I actually want to do it via EFT within MYOB, then I select the Electronic Payments Clearing Account, and then at some point I need to generate a file that I send to my bank to actually get those payments completed.  Is that correct?

 

Cheers,

Mike

 

Steven_M
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Re: Electronic Payments and the Electronics Payments Clearing Account

Hi @maustin 


Terrific, great to hear that has resolved that situation for you.


With respect to the second half of your post clarifying future payments, you have totally got it and the way the system works. Nice work!

Kind regards,
Steven

MYOB Community Support

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