Prepayments

Drew_Hawthorne

Hello everyone.

 

I am in a bit of a jam here. I do work for the NDIS and on the 30/03/2020 I receive a booster payment of $10000

The NDIS is now saying it is an advance that is repayable.

 

I have gone through everything I can find, and nothing aboput my specfic issue. I received the advance when I was using Xero last FY as a prepayment.

 

Is there a way I can setup a prepayment account and then put the $10000 as opening balance and then apply it to customer invoices directly from that account, as the advance was never specified to particular participants of the NDIS?

GDay53

@Drew_Hawthorne 

 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

 

The first Question is where is the amount currently entered in your Opening Balances ?

When you created your file you should have entered opening balances from the Balance Sheet from the previous data file (Xero or whatever).

If you have not done this then your current file will be out of balance and you will end up with a large amount in Historical Balancing account.

 

You can fix this by

Going into your Chart of Accounts in the Liability area and create a new Account and call it NDIS Prepayments.

Make sure that you make this account a Credit Card type.

Once that is done you go back to the Menu Bar - Setup - Balances - Opening Balances and enter the amount against the new account. Make sure you remove the amount from whatever account is is currently in.