05-01-2011 10:48 PM
Ive just started using MYOB nad want to know if I am looking in the right place.
I have reciepts from bunnings and other trade suppliers which have been paid via my personnal cash or bank account and want to know if I am suppost to enter these purchases under purchases or spend money. I think that spend money would mean that it gets subtracted from the company bank records which is not what I need to happen.
Please give some advise of where this gets entered before I make a mess
Solved! Go to Solution.
05-01-2011 11:27 PM
Create a Liability account called Advances from Luisa and make it a Credit Card type of account. You can enter any of the transactions you describe via Spend Money but make sure the account in the top left of the window is set to Advances from Luisa and allocate the expenses to the appropriate accounts. This will keep a record of how much is owed to you.
06-01-2011 10:57 AM
Thanks for your reply. I have looked in spend money and it looks like if I enter the reciepts that have already been paid for by my personnal account, that it will then subtract the amount again from the company account.
Is this right and just so I can understand fully why would someone use purchases not for this?
06-01-2011 02:06 PM
You change the account from the company account to the Advances from Luisa account.
If you are having problems understanding how it all works you may want to get some on-site assistance from a Certified Consultant who can make sure your file is setup properly and can give you some training on what to do.
06-01-2011 04:22 PM
Look at my first reply for what to do - it is a Liability account of credit cadrd type.
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