Electricity Offset

[yoshu]

Hi,

We have received an offset from synergy for $2500. Our bill came to around $483 which has been offset and now the balance on our bill is $2017 in credit. How do I enter this on MYOB?

My initial thought is (SERVICE LAYOUT) Electricty account 6-XXXX $483 (GST) and Electricity A/C 6-XXXX $-2500 (FRE). This brings the balance to $-2017 which i will apply to future electricity bills??

Is this the right way to do it?

[AlanT]

Hi @yoshu 

There are a number of ways that you can handle this and I would highly recommend that you speak with your tax professional to ensure you follow their advise.

I would probably create a normal bill for the amount of electricty you have used ($483)  and then do a separate credit note for the small business offset.  Then as each new bill arrives, you can match it against the credit note.  The reason I would do it that way is it is a bit cleared if you are reviewing the transactions later.

Regards,

AlanT

[yoshu · Accepted solution]

Thanks Alan.