Handling payments (Australia only)
If you’ve set up online payments, your customers can pay their invoices using a VISA, MasterCard or BPAY.
Soon after they make a payment, the details will automatically appear in your company file. You’ll see the details of each payment in the Undeposited Funds account, and the payment will also be applied to the invoice it relates to - you don’t have to do a thing to record the payment.
MYOB will deposit each day’s receipts as one lump sum into the bank account you’ve selected to use for online payments. To record that deposit in your company file, you just need to create a Prepare Bank Deposit transaction that includes all the payments you received via the online payments service for that day. And that’s it!
Learn more about online payments
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Why do payments go into the Undeposited Funds account?
The Undeposited Funds account is used to track the individual payments received that haven’t been deposited yet. As MYOB will deposit the day’s takings as one lump sum deposit each day, you’ll also need to clear the Undeposited Funds account each day. Learn more about undeposited funds.