Setting up Electronic Payments

Electronic Payments to suppliers can be easily made from MYOB AccountRight. It results in just one entry showing on your bank reconciliation window, representing the direct debit from your bank account to your multiple suppliers and saves lots of work paying your creditors and suppliers.

This feature also creates the file that your banking software will use to pay the suppliers. Here’s what to do:

1. Select Setup, Accounts list, Assets, Cheque Account, Payments tab. Enter your bank account details.

2. Enter the suppliers’ bank account info on their individual cards, under the Payment Details tab. You will need to click the box that says “I pay this supplier electronically”.

3. Record each of your Bill Payments to your suppliers, making sure you mark the box in the upper left corner of the screen that says “Group with Electronic Payments”.

4. Select Purchases, Prepare Electronic Payments, and click the Pay column beside each amount that will be paid as part of one direct debit batch. Click Process.

5. Save the MYOBDC file that is created (even if you’re not going to import it into your banking software.) This file can now be used by your banking software to transmit the payments to the suppliers.

6. The bank feed entry should match your transaction in AccountRight and will then reconcile.

Note: You can also make Electronic Payments to suppliers when you use “Spend Money” from the Banking command centre. These may be grouped in the same batch or their own batch.

Lynley Averis

Lynley is an MYOB Certified Consultant & has been involved in training in New Zealand since 1985. She's written various accounting & MYOB workbooks including co-authoring “Bookkeeping for Dummies”. She has consulted on all versions of MYOB Accounting, Retail and Payroll over the past 18 years and has previously worked for MYOB. She currently consults to NZ businesses on all aspects of business systems - her mission for clients is for them to spend as little time as possible doing accounting!

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