Using MYOB Direct Deposit

Note: You must subscribe to MYOB Direct Deposit to make direct deposit payments to employees through AccountEdge

With MYOB AccountEdge, you have the option to print checks for your employees or pay them by direct crediting from your bank.

Applying and setting up

To get started paying employees electronically, you must first apply to MYOB Business Services. (To apply for an MYOB Vendor Payments/Direct Deposit account)

Once approved, you will receive a Merchant ID,User Name and password that you enter in the MYOB Business Services Setup window. (To enter setup information for MYOB Vendor Payments/Direct Deposit)

Also in the MYOB Business Services Setup window:

Select the account from which your electronic payments will be drawn. This account will be the default account in the Pay From Account field in the Prepare Electronic Payments window.

Mark or unmark the preference to Check for Online Error Notifications when MYOB AccountEdge is Launched. If you mark this, the window that lists rejected electronic payments will appear each time you open your company file. We recommend this preference, as this is important information that you won't otherwise see without opening the Prepare Electronic Payments window and clicking the Check Updates button.

Entering bank information

To pay your employees electronically, you'll enter bank information for each employee you want to pay electronically. This information appears on the individual's Employee Card. To enter employee bank information:

Select the Payment Details view of the Card Information window and mark the selection I Pay This Employee Electronically.

Record the ABA code for the employee's bank, the employee's bank account number and the account name.

Be sure that your company's bank information, and the bank information for each of the employees whose checks will be included in the electronic payment have been entered, as well. (To enter bank information for electronic payments)

Choosing a linked account

In the Pay Employees window, you'll choose Group with Electronic Payments. When you choose Group with Electronic Payments, the paycheck transaction is held in the linked account for electronic payments until you're ready to process the electronic payment. (To choose a linked account for electronic payments)

Creating direct deposit payments

When entering a transaction that you want to pay electronically, mark the Group with Electronic Payments selection in the Pay Employees window. The transactions will be linked to the account you chose as your Linked Account for Electronic Payments.

All of the transactions you group in this manner will appear in the Prepare Electronic Payments window and will remain there until you're ready to transmit the transactions for approval.

Use the Prepare Electronic Payments window to select the payments you want to pay and the date when you want the bank to transfer the funds.

Error messages

There are a number of reasons why a transaction may not process successfully: insufficient funds, incorrect bank account, a communications error with the financial institution. See Electronic payments error messages for a listing of the messages you may see and an explanation of what they mean and what you may do in response to them.

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