You can pay your suppliers or employees into their bank accounts by creating a bank file in MYOB then uploading it to your bank for processing.
Setting up for bank files
There's a few one-off setup tasks before you can create bank files for electronic payments. This includes making sure a specific account is set up in MYOB (an electronic clearing account), entering your suppliers' and employees' bank account details, and entering the bank account details where your electronic payments will be paid from.
When you record a payment in MYOB that's going to be paid electronically (via bank file), the payment is posted to a temporary holding account in MYOB. This type of account is called a clearing account or a suspense account. The payments will sit in this account until you're ready to create a bank file containing one or more of the payments. Payments included in a bank file are then cleared from the electronic clearing account.
Unless you or your accounting advisor has set up a different account for this purpose, there should be a default electronic clearing account in your accounts list. You can check via the Accounting menu > Chart of accounts. Here's our example:
You shouldn't need to, but if you need to create a new account for this purpose learn about adding, editing and deleting accounts.
You'll also need to check that your Electronic Clearing Account is set as the linked account for electronic payments (Accounting menu > Manage linked accounts > Accounts & Banking tab). This just ensures that your electronic payments work correctly behind the scenes in MYOB.
If you've created a different account as your electronic clearing account, you'll need to set that account here and click Save.
To pay funds into a supplier's or employee's bank account, you'll need to enter their account details in MYOB.
Entering supplier bank account details
Go to the Contacts menu and choose All contacts.
Choose Supplier in the Contact type list.
Click a supplier's name to open their details.
If you need to add a new supplier, click Create contact and follow the steps to add a supplier.
Enter the supplier's banking details.
If you're in Australia, enter their BSB number, Bank account number, Bank account name, Statement text and Remittance advice email address.
If you're in New Zealand, enter their Bank account number and Bank account name.
Repeat for each supplier you want to pay electronically.
Entering employee bank account details
Go to the Payroll menu > Employees.
Click the employee's name to open their details.
Click the Employment tab.
Select the optionPay via electronic payments (bank file).
Enter the employee's account details. The Bank statement reference is the text that will appear on the employee's bank statement when you pay them.
Repeat for each employee you'll be paying via bank file.
The last thing you need to do is enter the banking details for the business bank account your electronic payments will come from. You'll be able to get these details from the account's bank statement or from your bank.
Go to the Accounting menu and choose Chart of Accounts.
Click the account your electronic payments will come from.
Enter the Bank account number and Bank account name. If you're not sure about these details, check with your bank.
When you're done, click Save.
You're now ready to process your electronic payments using bank files.