How to record a transaction that was paid wrongly to someone

arash-noghani

Hi there,

 

We have mistakenly paid a deposit for a non-business stay at hotel, using the business credit card.The deposit amoount is refunded to by the hotel within 2 days. What is the best way to record both payment and refund transactions in Myob?

 

Thank you,

Tracey_H

Hi @arash-noghani 

 

Thanks for your post. Since there'll be a withdrawal and deposit for the same amount, effectively clearing each other out, I'd allocate the transactions to a suspense type account. So for the withdrawal record a Spend Money with the Pay from account as the credit card account and allocated to the suspense account. And for the refund record a Receive Money with the Pay from account as the credit card account and allocated to the suspense account.

 

However, if you're not sure about this I would recommend checking with your accountant.

 

Please let me know if you need further help.

 

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