Page 66 of Learner Guide #2 (FNSACC311 Process financial Transactions and Extract Interim Reports using MYOB WEb.pdf) instructs you to specify Payment Method as Visa (line 6).
I really can’t picture how undeposited fund could be by any other method than Cash, Cheque, Money Order or Bank Draft.
What kind of situation could it be in real life that undeposited fund is paid by a credit card?
When someone pays via VISA or pay wave option it doesn’t always clear into your bank straight away. Also just because it is an EFTPOS machine or someone had paid online via VISA doesn’t mean that business is directly using the bank provider to collect the funds/ receive them. They could be using an online payment service or a POS service provider. This would mean the money may not be deposited until the end of the week.
Hope that clarifies this for you
- This reply was modified 11 months ago by Janelle Bruzzese.
I see the point but later in the manual, you are asked to prepare a bank deposit slip (p. 139, line 1) which includes depositing of this “undeposited fund” paid via Visa card. It’s a little strange that you would include the fund paid by Visa card in a bank deposit slip.
I don’t personally have experience of using online service to accept credit card payments but isn’t the whole idea of using these services to distance yourself from handling credit card info? If so, would the service disclose to you which credit card (Master? Visa?) was used? Just curious.
You would only do this for internal reconciliation purposes.
Some business would not use this method at all. This is just one business company policy and procedure.
Now days many business use bank feeds, and cloud based software so even the bank reconciliation would be different. As mentioned above this is just one way and in this industry each business operates differently using different software and bookkeepers would need to follow that policy or procedure.