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MYOB – Pt 2 Speed up paying Suppliers & Staff from the software

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In Pt 1 we covered the first steps to set up, now to the next steps.

Second – Set up a clearing account, Suppliers and Employees (if required)

When you record a transaction you want to pay electronically, you need to post the transaction to a temporary holding account until you create the electronic payment file. This holding account is called a clearing account.

Check your accounts list for an account named ‘Electronic Clearing Account’. If it doesn’t exist, you need to create it. Note that the clearing account must be a banking account, that is, an account with a Bank or Credit Card account type.

Before you can post transactions to the electronic clearing account, you need to make this account the linked (default) account for electronic payments.

To Link the Clearing Account:

1 Go to the Setup menu, choose Linked Accounts and then Accounts & Banking Accounts. The Accounts & Banking Linked Accounts window appears.
2 In the Bank Account for Electronic Payments field, type or select the Electronic Clearing Account.

 

3 Click OK.

Third –  Record the bank details of suppliers

To record the bank details of a supplier

1 Go to the Card File command centre and click Cards List. The Cards List window appears.
2 Locate the supplier you pay electronically and click Edit. The Card Information window appears.

 

3 Click the Payment Details tab.
4 Enter the supplier’s bank account details.

 

5 In the Statement Text field, type the text you want to appear on your supplier’s bank statements. For example, you may want the text ‘monthly rent’ to be shown on your real estate agent’s bank statement since this will be a recurring transaction each month.
6 Click Refund Details and enter the payment method by which the supplier refunds you and click OK. The Card Information window appears.

 

7 Click OK to return to the Cards List window.
8 Repeat from step 2 for each supplier you pay electronically.

Fourth – Record the bank details of employees (if paying them electronically)

To record the bank details of an employee

1 Go to the Card File command centre and click Cards List. The Cards List window appears.
2 Locate the employee you pay electronically and click Edit. The Card Information window appears.

 

3 Click the Payment Details tab.
4 Select Electronic from the Payment Method list.

 

5 Select the number of bank accounts (up to three) the employee wants their pay to be distributed to.
6 Enter the employee’s bank account details.

 

7 Type the statement text (Account 1 only) you want to appear on the employee’s bank statements, for example ‘monthly pay’.
8 If you are distributing to more than one account, in the Value field, type the amount or percentage of the pay to be deposited into the account and select the distribution method (Percent or Dollar). Note that the final account will receive the remaining amount of your employee’s net pay.

 

9 Click OK to return to the Cards List window.
10 Repeat from step 2 for each employee you pay electronically.

Next Final Post: Pt 3 Enter and Pay Suppliers and Employees to create ABA file for online banking

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Author: accountkeepingplus

Administration, bookkeeping and compliance for small business, Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, free support MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

2 thoughts on “MYOB – Pt 2 Speed up paying Suppliers & Staff from the software

  1. Pingback: MYOB – Pt 1 Speed up paying Suppliers & Staff from the software « Accountkeepingplus's Blog

  2. Pingback: MYOB – Pt 3 Speed up paying Suppliers & Staff from the software « Accountkeepingplus's Blog

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