Forum Discussion

AinsleyCMP's avatar
AinsleyCMP
Experienced User
2 years ago
Solved

bank feed - creditor over payment - how to process withdrawal and refund deposit

I have over paid a creditor. Say it was $500, and I paid $5500.  I know to create an overpayment in pay bills which will then create a debit memo for the $5000.  In Bank Fee , how is this debit then ...
  • Genreve_S's avatar
    Genreve_S
    2 years ago

    Hi AinsleyCMP, 

     

    Thank you for sharing your concern.

     

    Reconciliation, in essence, is the process of ensuring that what transpired aligns with what has been documented in the file. In the scenario you've provided, you can record the payment as $5500 against the bill. This action will generate a debit note for the supplier, which you can then process a refund for in the Sales Register under the Returns & Debits window.

    This method eliminates the need to create a separate debit note. For a more comprehensive understanding of this process, I suggest going through the article titled 'Supplier Returns, Debits, and Refunds'.

     

    Please feel free to reach out if you need any more assistance with this.

     

    If my response has answered your inquiry, please click "Accept as Solution" to assist other users find this information.

     

    Thanks,
    Genreve

SMarsh's avatar
SMarsh
Cover User
2 years ago

I would transfer amounts to a Deposits clearing account or similar, pay bill from that account then the amounts will reconcile the acount at $0 and reconciles your bank feed account. 

  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    2 years ago

    Hi AinsleyCMP, 

     

    Thank you for sharing your concern.

     

    Reconciliation, in essence, is the process of ensuring that what transpired aligns with what has been documented in the file. In the scenario you've provided, you can record the payment as $5500 against the bill. This action will generate a debit note for the supplier, which you can then process a refund for in the Sales Register under the Returns & Debits window.

    This method eliminates the need to create a separate debit note. For a more comprehensive understanding of this process, I suggest going through the article titled 'Supplier Returns, Debits, and Refunds'.

     

    Please feel free to reach out if you need any more assistance with this.

     

    If my response has answered your inquiry, please click "Accept as Solution" to assist other users find this information.

     

    Thanks,
    Genreve

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Level up your skills using MYOB software.

 

Find help guides and technical solutions for all MYOB products here

Explore video tutorials for our software at the MYOB Academy here

 

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.