MYOB Tips: How do I setup my company data file to record the various customer payment types?

Before recording your customer payments, you will first need to setup the Prepare Bank Deposit feature and your customer Payment Methods.

Prepare Bank Deposit
A linked banking account is all that's needed to use the Prepare Bank Deposit feature.

Please note:

If you have created a new company data file using one of the current MYOB program versions, the linked banking account will have been automatically setup for you. If so, then please skip to How do I use the Prepare Bank Deposit feature.

Step 1 Create a new banking account
To create a new banking account:
1. Click Lists > Accounts > Assets > New.
2. Click the Detail Account option.
3. Set Account Type to Bank.
4. Enter the Account Number and the Account Name (Undeposited Funds).
5. Click the Details tab and set the Tax Code to N-T. If desired, enter an account Description.
6. Click OK and return to the Command Centre
Step 2 Link the Undeposited Funds Account
Click Setup > Linked Accounts > Accounts & Banking Accounts. Enter the Undeposited Funds account in the Bank Account for Undeposited Funds Account field. Click OK and return to the Command Centre.

Payment Methods
To access the Payment Methods list, click Lists > Sales and Purchases Information > Payment Methods. The most common Payment Methods will most likely already be setup for you. To create a new Payment Method, click New, enter the Payment Method, set the Payment Type then click OK.

The Window on the following page shows the setup of a typical Payment Method.

Please note:
A Payment Method can be linked to a Customer Card. To do this, open the Customer's Card, click the Payment Details tab then set the customer's Payment Method. Depending on the which Payment Method has been selected, a set of fields maybe displayed for additional information; such as credit card details.


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