In the Prepare Electronic Payments window, you prepare and process an electronic file containing payments for your employees and vendors. Once the file has been created, you transmit it electronically to the payment processor for validation and to begin processing the funds transfer. After the transmission, an Approved or a Declined status appears in the Status column for each transaction in the list.
An Approved status indicates only that the initial authorization was successful. There is an additional period of 72 business hours in which the funds are accessed, the destination account is identified and so on. During this period and through this process, the potential still exists for the payment to fail.
This window notifies you of any transactions that fail during this processing period. Because a processing failure can happen at any time, you must review the contents of this window on a regular basis. To make it easier to do this, you can choose to display this window every time MYOB AccountEdge launches by marking that option in the MYOB Business Services Setup window.
If a transaction appears in this window, you should immediately reverse it and handle the payment in a different way.