Speed up processing – record payment of bills and staff and PAY at the same time without re-enterring online! This eliminates keying errors and doing each transaction amount online – pay many suppliers or staff with one file upload.
You can use your software to pay your suppliers and employees (MYOB AccountRight Plus only) electronically. There are 2 ways to make electronic payments:
|▪||prepare an electronic payment file (ABA file) for your bank to process|
|▪||transmit a payment directly from your AccountRight software using MYOB M‑Powered Payments.|
MYOB M-Powered Payments is a subscription-based service. If you have subscribed to this service, see your MYOB M‑Powered Payments user guide for information on how to set up electronic payments. This is not covered in this How-To guide.
The steps are quite easy – and involve setting up your business bank account number (BSB and Account) and contacting your bank for the Bank Code and Direct Entry ID numbers (call or email your bank), then simply entering the bank account numbers of your suppliers (BSB and Account) as well as employees if you want to pay them easily too.
Then process the payments similar to the usual way and create the ABA file, store it where you can easily find it ready to upload when your online bank requests it. Contact your bank to ask for instructions for their system.
First – Set up Electronic Payments
Before you can prepare an electronic payment file, you need to complete the following steps.
1: Record your bank account details
Your bank account information is entered at the ledger account level. By doing this, the software allows you to have more than one chequebook account with electronic banking privileges.
- Go to the Accounts command centre and click Accounts List.
- Click the Assets tab.
- Click the zoom arrow next to your cheque account. The Edit Accounts window is displayed.
- Click the Banking tab.
- Enter you business banking details.
- Select the I Create Bank Files (ABA) for This Account option.
- Enter the following information:
Bank Code: The three-letter bank code that identifies your bank, for example NAB, ANZ, CBA, etc. If you’re unsure which bank code to use, consult your bank branch to learn this information.
- Direct Entry User ID: This ID is assigned by your bank when you register with them for Direct Credits Processing. This is also known as a Direct Credits User ID. If this ID is not entered correctly your payment will not be processed by the bank.
- Direct Entry File – Include a Self Balancing Transaction: Select this option if your bank requires each electronic file containing payments to employees or suppliers to include a self-balancing transaction. Some banks require self-balancing transactions to be included with any electronic payment lodged with them.
Note: To enter bank information in earlier software versions go to the Setup menu, choose Company Information then click Bank Info.
Next post – Pt 2 Set Up a Clearing account