MYOB allows you to group and electronically pay Spend Money transactions. To do so, you’ll need to ‘group’ the individual payments using the Group with Electronic Payments feature and select which transactions you wish to pay using the Prepare Electronic Payments window.
MYOB’s electronic payments system is designed to:
- Group multiple payment transactions into a single file for electronic transfer, containing each payee’s bank details and the amount to be credited
- Create a single bank withdrawal transaction in MYOB for the sum total of the payments being transferred to mirror the bank statement transaction
To group electronic payments you must first setup the Electronic Payments Account:
- From the Setup menu select Linked Accounts
- Select Accounts & Banking Accounts
- Enter the account code for Bank Account for Electronic Payments (this should be a new account – do not use any account previously setup).
You will also need to enter electronic payment information for Suppliers and Employees in the Payment Details view of the Card Information window.
To electronically pay Spend Money transactions:
- Prepare the transactions as normal but choose the Group With Electronic Payments option rather than Pay From Account
- Use the Statement Text field to enter information in reference to the transaction that will appear on your bank statement
- After recording the payments, process by choosing Prepare Electronic Payments which is available in three Command Centres, Purchases, Banking and Payroll.Any payments recorded where you selected the Group With Electronic Payments option will be displayed in this window.
- Click to indicate which items should be transmitted – a tick will appear
- Click the Bank File button to prepare an electronic file which will be transmitted to your bank
- When prompted that the transaction will be recorded click OK
- Save As in an appropriate location
- Once the file has been created you simply transmit/export it to your bank electronically using your on-line banking software
For further assistance: Contact Melanie Jenkins
Download this MYOB Help Sheet with accompanying images to assist you with each step below…