Electronic payments

After you record a payment to a supplier or employee in MYOB, you can then transfer the funds into their bank accounts using a bank (ABA) file.

Why you should use electronic payments

• More secure – no carrying wads of cash

• Cash and cheque payments are becoming rare – your employees and suppliers are likely to expect cashless payments

• Paying electronically from your accounting software makes it easier to keep tabs on payments as it creates an audit trail

Using a bank file

Create a bank file from MYOB then upload it to your bank for processing.

• Bank files are also called Australian Banking Association (ABA) files

• This functionality is included with your MYOB subscription (bank fees may apply)

• Internet banking is required

Setting up electronic payments

Before you can make electronic payments you'll need to set up a few things. Take a look at Setting up electronic payments for all the details.

Making payments

Once you're set up, you're ready to start making electronic payments. For all the details, see Making electronic payments.

FAQs

Do I have to pay my employees and suppliers electronically?

No, but there's good reasons to pay electronically, such as greater security and convenience and to keep an audit trail of payments in your MYOB.

When you're setting up your employees, you can decide which ones you want to pay electronically by choosing their payment method.

You can also decide which supplier payments you want to pay electronically when you enter their payment transaction by selecting the option Electronic payment.

For more information, see:

• Setting up electronic payments

• Making electronic payments.