Merchant fees not automatically reconciling
Hi there, We've just started receiving online payments minus the merchant fees as advised by MYOB but it doesnt seem to be automatically reconciling. The amounts obviously dont match and are out of ...
Forum Discussion
Good evening Michael and Claire,
We have dug through the MYOB reports section and found Online Invoice Payments Transaction details (at the bottom of the page). In this report you can see all the information relating to online payments and we can see a difference in the amounts for invoices sent out and payments received for he same invoices. An example of this is 2 invoices that we sent out which came to a total of $201.08 yet the unallocated amount showing received for these 2 invoices is $200.91. This means we are unable to manually match these payments to the invoices as they are not equal. There is a difference of $0.17 between the invoice amount and total amount received. When we look at the fees applied and surcharge GST, there are 2 x $0.25 ($0.50) fees applied and surcharge GST of $0.33. This equals the difference in the amounts above, IE $0.50 - $0.33= $0.17. Below is a copy of the online payments transactions we are referring to. We have removed all confidential information from this.
This shows that the way in which MYOB has changed the process for managing the online payments is affecting the software's ability to automatically match transactions. Prior to these recent changes we have not had this issue. Hope this helps get the issue resolved as we are yet to here back from Tech support. I'm open to any suggestions on how to fix this issue. Thank you, Matt
Hi Matt,
We don't pass on the surcharge to customers so this is a little different from our issue, we only account for one total "fee". But you are pretty much experiencing the same issue that we are. I believe MYOB is not recording the "automatic" transaction.
When you take a look at the online article they keep referring to - you can expand to see the "when transactions are automatically recorded". In our system this transaction is not being recorded at all, but when we do it manually the bank feed matches up.
If you scroll down to the 'If you pass on the 1.8% surcharge (and there's GST on the invoice)" this is the transaction you will likely need to manually record (this is what we do but we use 'we do not pass on the surcharge'- I am assuming your issue is this transaction though).
I've taken your report and created a spreadsheet of the last transaction for the MYOB deposit. Using the formula MYOB has given it looks correct to account for the 0.17 difference you have.
If you record the transaction as a spend money transaction against your customer's card file it should offset the amounts and allow your bank feeds to match up. You will need to ensure the invoice is closed as well and that the date matches your bank feed (this is what we do anyway).
NOTE- I am not an accountant nor do I work for MYOB, so use it at your discretion. The received money transaction for each customer would be on the right. You need to allocate to your appropriate ledger accounts.
I've also included a snapshot of what is in the article.
Hope this helps, but more so I hope MYOB fixes the issue soon as I am also yet to hear back from tech support.
Claire
