Payments

Question

I have a business who is both a customer and supplier and subsequently I have two cards in the card file for them.  I have a sales invoice for $500 as well as a supplier invoice for $500.  How do I tell MYOB that one invoice cancels out the other invoice, so that moneies techinically dont have to change hands. TIA

gavin12345 · Accepted Answer

Hi @Gem159

One way is to record a Pay Bills and a Receive Payment transactions 'as if' the funds did change hands. Don't use electronic payments for either and if you use the same bank account for both, and same date, the transactions can be offset against one another when doing reconciliation.

Regards

Gavin