Hi All,
Can somebody explain why sales/income allocated to Service Income (4-1450) is recorded a withdrawal?
I run MYOB Business Lite and haven't changed any of the out of the box setting.
Hi @DP_588,
Thank you for your response.
Apologies for the delayed response. It seems there might be some confusion about why sales/income allocated to Service Income (4-1450) is recorded as a withdrawal. If you check your chart of accounts, you'll find that the balances are correct. This is because the normal balance of an income account is a credit, not a debit. Therefore, it appears as a withdrawal in the reconcile account. The same principle applies when reconciling credit card accounts, which are liability accounts. To reconcile these accounts, you'll need to enter the opposite value of your ending bank statement balance in the closing bank statement balance field.
Please let me know if you need further help.
Cheers,
Princess
Hi Princess,
Apologies for the delayed reply, I've been on extended holidays. I've attached the relevant screen shots.
Regards
Dom
General Journals:
Reconcile Accounts:
I hope this message finds you well! I'd like to follow up regarding the screenshot of the transactions that were allocated as withdrawals, so I can locate and understand the cause of the problem. Please don't hesitate to reply to this message if you require further assistance.
Thank you for your post, and my apologies for the delay in responding back to your query.
Welcome to the Community forum! I hope you find it a valuable resource.
In this matter, we need to delve deeper into why the transactions are being marked as withdrawals. It's possible that this might be related to how the transactions are being recorded in your file. I would suggest reviewing the transactions. Could you kindly provide screenshots of the invoice transactions for us to further check? Please ensure to remove any confidential information before posting it to the Community forum. Your cooperation is greatly appreciated.
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