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myobnoob's avatar
myobnoob
2 years ago

Changing linked bank account for electronic payments

Hello, I'm seeking advice from the community regarding a situation I've encountered at my new job. I've recently joined a small business, and my responsibilities include bookkeeping and payroll ...
  • Genreve_S's avatar
    Genreve_S
    2 years ago

    Hi myobnoob, 

     

    Thanks for posting and welcome to the Community Forum. 

     

    We appreciate your detailed explanation. I understand fixing this wrong-linked account may cause complications. While it's correct that we need to change the linked account into an electronic clearing account, the transactions already created will not transfer together with the linked account. I would suggest matching all bank feed transactions, making journal entries, and correcting transactions that might cause issues with the figures before switching the linked accounts. This will ensure that you are starting with a clean slate once you change the linked account for the electronic payments. 

     

    Let us know if you require any further assistance. We're happy to help. 

     

    Cheers, 

    Genreve

Genreve_S's avatar
Genreve_S
MYOB Moderator
2 years ago

Hi myobnoob, 

 

Thanks for posting and welcome to the Community Forum. 

 

We appreciate your detailed explanation. I understand fixing this wrong-linked account may cause complications. While it's correct that we need to change the linked account into an electronic clearing account, the transactions already created will not transfer together with the linked account. I would suggest matching all bank feed transactions, making journal entries, and correcting transactions that might cause issues with the figures before switching the linked accounts. This will ensure that you are starting with a clean slate once you change the linked account for the electronic payments. 

 

Let us know if you require any further assistance. We're happy to help. 

 

Cheers, 

Genreve

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