What is the linked Bank Account for Electronic Payments?

This account allows you to track funds you wish to include on an electronic payment. The account must be a Detail account -- Bank account type. The account name commonly used for this account is Electronic Clearing Account.

Spend Money and Pay Bills window

When you make an entry in the Spend Money or Pay Bills window, you can choose to Group with Electronic Payments. When you choose this option, the amount of the transaction will be recorded in the account you entered as your linked account for electronic payments. It will remain there until you pay it electronically using the Prepare Electronic Payments window.

Note: In the Prepare Electronic Payments window you'll use a different account;you'll use the account you selected in the MYOB Business Services Setup window to pay the electronic payment.

Process Payroll Assistant

When you record an electronic employee payment using the Process Payroll Assistant, the linked Checking Account for Electronic Payments is automatically entered in the Pay From Account window of the assistant. As with Spend Money or Pay Bills transactions, the amount of the transaction will be recorded in the account that appears in this window and will remain there until you pay it electronically using the Prepare Electronic Payments window.

Note: In the Prepare Electronic Payments window you'll use a different account; you'll use the account you selected in the MYOB Business Services Setup window to pay the electronic payment.