Articles Blog
MYOB & Quickbooks – ABA Files and Using to Withdraw from Client Accounts?
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Published on Tuesday, 12 March 2013 13:43
A bookkeeper called needing help on how ABA (Aust Banking Assoc) files work - she requires clarification from her bank, as she was trying to set up an ABA file to withdraw funds from her clients' bank accounts, which is not possible!
ABA files cannot be set up for withdrawing from other accounts – it is only to PAY from your own account – a special file is generated from MYOB and QB with the details of the business bank account and the bank account of who is being paid (several can be in one file at one time to all be paid at the same time) – it is NOT a direct debit procedure to get paid! You will be given instructions from your bank on how to UPLOAD the special file while in your internet banking.
When you have a dozen or more suppliers, and staff to pay, it is a great way to avoid data entry mistakes by eliminating typing each payment out!
