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Does anyone have any handy hints / instructions for entering a customer prepayment into LiveAccounts.
Details: Customer is payment $10 per month by AP, which has now paid of previous invoice, therefore is to be applied to future invoice when generated. How do you code the $10 monthly payments as a prepayment until such time as the next invoice is generated, so that the amount can be offset against the next invoice?
In LiveAccounts you cannot allocate a customer receipt without having a supporting invoice.
So you could either
1) Raise an invoice for the prepayments so payments can be allocated to the customer
2) Use Receive Money and allocate to a liability account eg. "Customer Deposits" Make it a "credit card' type so you can allocate the payments to the invoice later, when appropriate.
In the future you would record the invoice, then enter Customer Payment, using the "Customer Deposit" account as the bank account the money went to.
There are GST implications when you receive prepayments. You should consult your accountant to determine the most appropriate method for your circumstances.