Forum Discussion

bbronny's avatar
bbronny
Contributing User
3 years ago

clear Prepare Electronic Payments

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.

  • Hi bbronny 

     

    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. 

     

    Make sure there are no current transactions in the Prepare electronic payments window. Then go to Setup>>Linked accounts and change the Bank account for electronic payments to the new account.

     

    Please let me know if you need further help.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

  • Hi bbronny 

     

    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.

     

    As your accounts have been reconciled you'd need to look at how they were reconciled. To explain how electronic payments work:

     

    1. a payment transaction (Pay bills, payroll, Spend money) is recorded which credits the electronic clearing account
    2. 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.

     

    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>>Linked accounts and change the Bank account for electronic payments to the new account.

     

    Please let me know if you need further help.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

    • bbronny's avatar
      bbronny
      Contributing User

      Hi Tracey 

       

      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?

      • Tracey_H's avatar
        Tracey_H
        Former Staff

        Hi bbronny 

         

        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. 

         

        Make sure there are no current transactions in the Prepare electronic payments window. Then go to Setup>>Linked accounts and change the Bank account for electronic payments to the new account.

         

        Please let me know if you need further help.

         

        If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.