clear Prepare Electronic Payments

Question

I have just taken over a myob file that has around 12 transactions siting in the prepare electronic payments section. FY has been completed by the accountant so I attempeted to just 'send these to an aba file' to clear these but now have compeletely thrown out the electronic clearing account and bank reconciliations. How can I clear these without affecting the processed EOFY ? I have since reversed these to get back to the FY results but want these off my screen.

tracey_h · Accepted Answer

Hi&nbsp;bbronny&nbsp;
&nbsp;
You can create a new electronic clearing account as mentioned previously. This won't affect the current electronic clearing account, it will just mean those transactions won't appear in the Prepare electronic payments window.&nbsp;
&nbsp;
Make sure there are no current transactions in the Prepare electronic payments window. Then go to Setup&gt;&gt;Linked accounts and change the Bank account for electronic payments to the new account.
&nbsp;
Please let me know if you need further help.
&nbsp;
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

tracey_h · Answer

Hi&nbsp;bbronny&nbsp;
&nbsp;
Thanks for your post. To clear transactions from the Prepare electronic payments window you would need to click on Bank file. This records the transaction that moves the amount from the electronic clearing account to the bank account.
&nbsp;
As your accounts have been reconciled you'd need to look at how they were reconciled. To explain how electronic payments work:
&nbsp;

a payment transaction (Pay bills, payroll, Spend money) is recorded which credits the electronic clearing account
the Prepare electronic payment transaction is recorded which debits the electronic clearing account so this account is cleared back to zero. The bank account is credited which appears as a withdrawal to be reconciled

This means that if the electronic payment transaction has not been processed the withdrawal has not been posted to the bank account. When the bank account has been reconciled it indicates that either another transaction has been recorded for that payment which results in a duplicate. Or, a general journal has been recorded to move the amount from the electronic clearing account to the bank account. You'll need to work out whether there's duplicate payments or a general journal was recorded.
&nbsp;
If it was a general journal, so there's no duplicate transactions, you can create a new electronic clearing account. Make sure there are no current transactions in the Prepare electronic payments window. Then go to Setup&gt;&gt;Linked accounts and change the Bank account for electronic payments to the new account.
&nbsp;
Please let me know if you need further help.
&nbsp;
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

bbronny · Answer

Hi Tracey&nbsp;&nbsp;the entries relate to 2017 and I am only requested to enter data from 1/7 this year so I can not go back and unreconcile everything - I am assuming the electronic payment was raised and then the owner paid individually so yes they have been reconciled - how else can I clear them without undoing recs back to 2017?

stuarthkc · Answer

Hi Tracey-H,Thank you in advance here.&nbsp;I have an Elecrtronic Payment issue.My ABA file had a problem and I manually deleted one payment and paid the employee by separate payment.&nbsp; Right now I cannot match two bank transaction to one EP payment.&nbsp; Is there any way to match them or journal entry to fix this.&nbsp; The clearing account is all cleared to nil, so the problem is not in clareing acount.&nbsp; I don't know how to do jouranl entry either because it will created an redundaned entry,&nbsp;&nbsp;Regards,&nbsp;&nbsp;Stuart Chen

tracey_h · Answer

StuartHKC&nbsp;
&nbsp;
Hi Stuart
&nbsp;
If you need to change an ABA file, delete the electronic payment transaction and then reprocess. In your situation, delete the electronic payment transaction and select the pay transaction that was paid separately then click on Bank File. When the Save as window opens you can click Cancel if you don't need to save and upload the new bank file.
&nbsp;
Then go back to Prepare electronic payments, select all the transactions included in the bulk payment and click on Bank file. You'll then have two electronic payment transactions to match with the two bank feeds.
&nbsp;
Please let me know if you need further help.
&nbsp;
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

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clear Prepare Electronic Payments

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