Forum Discussion

matt786's avatar
matt786
Contributing User
3 years ago

Bank Feeds - clearing purchases payments

Hi,   Accountant here trying to get the recs process running for a business which has never completed this process previously. I am using bank feeds for the first time and trying to match off purch...
  • Tracey_H's avatar
    Tracey_H
    3 years ago

    matt786 

     

    Hi Matt

     

    Bank feeds is a tool to make reconciliations easier. How it works is, the bank transactions are brought into the file by the bank and matched with the AccountRight transactions. When an AccountRight transaction is matched and approved it is automatically ticked in the Reconcile accounts window. You would then go to the Reconcile accounts window and complete the reconciliation. Manually reconciling a transaction just means that you tick the AccountRight transaction instead of the software automatically ticking it. 

     

    When you record a Prepare electronic payment transaction two things happen. One is the bank file is created. The other is an electronic payment transaction is recorded, the electronic clearing account is debited and the bank account is credited the Total Payment Amount. You then match the electronic payment transaction with the bank feed transaction.

     

    If your client is choosing to have the payments displayed as separate transactions on the bank statement you will need to hide and manually reconcile the electronic payment transaction. If you don't use electronic payments the payments will have to be manually transferred in internet banking.

     

    Please let me know if you need further help.

LRBooks61's avatar
LRBooks61
Ultimate Cover User

Hi

 

If your client is using electronic payments there are a few steps to take to transfer the payment to the main bank account from the electronic clearing account

 

For each 'batch'ents a prepare electronic payment needs to be done to create this entry to the myob bank account and generate an aba file which is usually uploaded to the bank

 

I would suggest that you have a deeper look into the electronic clearing account first and see which bank account the payment entry is being allocated to

 

The clearing account should be reconciled to zero to ensure all payments are processed

 

The little blue arrow that sits on the left hand side of the transaction will open it up to display the detail.

 

If the entries aren't ending up in the correct account there may be an issue with linked accounts

 

Hope this helps

 

Lisa

 

matt786's avatar
matt786
Contributing User
3 years ago

Thanks Lisa for the response.

 

The client is using this to make payments there is no issues with creating the equivalent ABA file for NZ payments via BNZ.

 

I have looked at the electronic payments account under account information and this looks correct as per instructions under the Guide

2. Set up an electronic clearing account - MYOB AccountRight - MYOB Help Centre

Both the profile and linked accounts is ok based on the above.

 

When I look at the transaction under the Electronic clearing account they show them with a credit against the suppliers and an opposing debit agaisnt an Electronic Payment memo. Both the GL account entries go against 1-0190 which is the Electronic clearing account.

  • LRBooks61's avatar
    LRBooks61
    Ultimate Cover User
    3 years ago

    The payment should be going to the BNZ account. I think that may be the problem 

     

    there has to debit from the electronic clearing account should produce the credit (withdrawal) from the bank account 

     

    if you go into the payment from the electronic clearing account the bank it is coming from should be the BNZ account

     

    Lisa

    • LRBooks61's avatar
      LRBooks61
      Ultimate Cover User
      3 years ago

      Hi

      I have attached a document

       

      shows the electronic clearing account

       

      THe payment EP0014 is allocated to the bank that the payment is paid from

       

      Thats what you are looking for.

       

      If they are incorrectly coded you need to go to edit ( on the top ribbon ) and then delete the electronic payment and then redo to the correct bank account

       

      Hope this is useful

       

      Lisa

      • matt786's avatar
        matt786
        Contributing User
        3 years ago

        Thanks Lisa for the response.

         

        I have looked at the screen shots you have sent and they look consistent. 

         

        The first screen shot i do see both side of the entries when looking at the reconcile accounts for the elec pymt account.

        The 2nd screen shot your showing "Spend Money" but my is showing as a "Pay Bills" screen where both are showing as under the Pay from account being Electronic clearing account.

         

        As for the third screen when i hit the "Prepare Electronic Payments" button it shows it coming up with the correct 1-0100 Cheque Account which represents the BNZ current account (this i have asked the client to confirm that this isnt changed on further processing)

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