Hi
AccountRight User
I have a credit note from my Supplier for $3355 however they refunded $3555, $200 too much.
How can I process this transaction as I can't receive refund $3555 as the amount may not be greater than the debit of $3355
Thanks in advance
Hi JBentley,
To process this transaction in MYOB, you'll need to adjust for the overpayment. Make sure the credit note for $3,355 is recorded against the supplier.
When processing the refund, MYOB won't allow you to enter more than the credit note amount (3,355). To manage the additional $200, you'll need to create a second transaction to account for the overpayment. You can do this by entering a separate credit or journal entry for the extra $200, making sure to adjust the relevant accounts accordingly.
If the supplier hasn't requested the excess refund back, you could allocate the extra $200 as a prepayment towards future transactions with the supplier. Alternatively, if the supplier will request the $200 back, you can leave it recorded as a liability until the adjustment is made.
Regards,
Sai
