Banking

Receiving money (Receive Money window)

You can choose to record Receive Money transactions directly into an account or to group Receive Money transactions into the undeposited funds account. (Deposit to Account or Group with Undeposited Funds)

You can also use the Bank Register window to create Receive Money transactions. [Receiving money (Bank Register)]

Warning:  Receive Money transactions can't be used to close invoices

Note:  Entering transactions in the 13th period

Tracking payors and payment methods

You can enter information in the Receive Money window to help you identify these transactions in the future. You can select a card from the Card File list in the Payor field to place this transaction in the list of all transactions that are linked to the card. You can also choose not to use a card.

If you've entered a card in the Payor field and have entered payment information for that card in the Card Information window, the payment method will appear automatically. Otherwise, you may select a payment method if you wish. Use the Details button to access the Applied Payment Details window if you wish, for example, to enter the check number (if the transaction was made by check). If you're entering a customer credit card transaction, you'll enter the credit card number and other credit card information.

If you subscribe to the MYOB Merchant Account Service to process credit card payments directly from AccountEdge over the Internet, you can use the Applied Payment Details window to authorize the payment. The Authorize button will be active if you subscribe to the service. (To apply for the MYOB Merchant Account Service)

If you choose to group your Receive Money transactions in the undeposited funds account, you can sort the Receive Money transactions by payment method when you're ready to prepare a bank deposit. (Preparing a bank deposit)

Note:  Choose your undeposited funds account for customer credit card payments and credits

Using the scrolling list

The scrolling list in the middle of the Receive Money window is the main area where Receive Money transactions are created. When information is entered in a row in the scrolling list, the row becomes a line item on the transaction. You can enter as many line items as you want on a Receive Money transaction. Enter the individual amounts included in the transaction, along with the accounts they affect. Typically these are income accounts.

The amount you enter in the Amount Received field in the top half of the window is a debit amount, and the amounts you enter in the Amount Applied column are credit amounts.

Keep in mind that the amounts you apply in the Amount column will accumulate in the Total Allocated field. Before you can record the transaction, the Total Allocated amount must equal the amount that appears in the Amount Received field in the top half of the window. The Out of Balance amount must be zero before you can record the transaction.

Recording the transaction

Choose Recap Transaction from the Edit menu to view the accounting entries that will be made when you record a Receive Money transaction.

For each Receive Money transaction you record, a corresponding payment receipt can be printed.

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