Making electronic payments

Once you're set up electronic payments, you can pay your suppliers and employees into their bank accounts. It's a two-stage process that starts in MYOB and ends in your payees' bank accounts.

How it works

1. Record your payments. This records the payment in MYOB—no one receives any money yet.
   
   
   • If you've set up your employees to be paid electronically, at the end of the pay run you'll have the option to process their payments electronically.
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   • If you're recording a supplier payment, select the Electronic payment option to indicate you'll process the actual payment later, electronically.
     
     
     
   • If you're recording a spend money transaction and chosen your electronic clearing account as the Bank account and a supplier as the Contact, this indicates you'll process the actual payment later, electronically.
     
     
     
2. Process the recorded payments "electronically' in MYOB. This initiates the actual payments into your suppliers' and employees' bank accounts. Depending on the electronic payment method you've set up, you can either:
   • make a direct payment, or
   • download a bank file for your bank to process.

Learn more about these two electronic payment methods

1. Go to the Banking menu and choose Prepare electronic payments. All the payments you've recorded in MYOB that you've chosen to pay electronically will be listed.
2. Optional:
   1. Choose a Payment type if you'd like to group the electronic payment by payment type—for example, to pay bills or employees only.
   2. Use the Transactions from and Transactions to fields to show transactions for a specific date range.

3. In the Account field, choose the MYOB account your payments will be paid from.

4. Enter a Description of transaction. This is just the description of the transaction as it'll appear in MYOB, not on any bank statements.

5. Confirm the Reference number is correct. If not, enter a new number.

   Changing the numbering

   If you change the reference number, you’ll change the automatic numbering. For example, if you change the number to EP000081, the next time you create a bank file the new reference number will be EP000082.

6. Enter the Date of payment as the date you want the payment to be processed.<bank files only?>
   

   Future dates <applicable for bank files only?>

   You can future date the Date of payment providing it's within the current financial year. The Date of payment is the date you want the bank to process the payment, but not all banks adhere to future dating bank files. Check with your bank for clarification.

7. Confirm the Description and change if required. This is the description that'll appear on your bank statement.

8. Select the payments you want to pay electronically.
9. Choose how you want to process the electronic payment. Learn about these payment methods and how to get set up.

    

   If you want to	do this
   process a direct payment	Click Direct payment. At the confirmation, click Record and submit. The payment portal opens, with the batch payment ready to be authorised.
   download a bank file	Click Download bank file. At the confirmation, click Download bank file. The file will be saved in your Downloads folder. Uploading bank files to your bank You can now upload the bank file to your internet banking site. Most banks provide an online banking portal through which you can upload bank files. Check the help in your online banking software to learn more, or check with your bank for details. You can also search Google for your bank's instructions, e.g. search for "upload aba file ANZ" or "upload bank file westpac", etc. Once you've uploaded the bank file to your bank, they will distribute the payments into your suppliers' bank accounts (after your bank's clearance period).