Forum Discussion

PulseDP's avatar
3 months ago
Solved

Reconcile spending against a liability account?

I have some issues I am trying to work through that have stemmed from inexperience and bad set up but I'm almost there. One of the worst mistakes. I have 2 jobs I run MYOB for my ABN Sole trader Business account and my personal account for my other job. Unfortunately there have been occasions where I have had to lend money to the sole trader account from the personal account and i have set up a liability account to record this. The issue I have is that when I go to reconcile I am unable to record any repayments against the liability account to reduce the liability. I have also made the mistake of using my personal account for some business expenses so some how need to work that out but thats a seperate issue.

 

Thanks in advance

 

Josh

  • Hi PulseDP,

     

    Thanks for your post, and welcome to the MYOB Community Forum.

     

    Generally, transactions like these are recorded as spending money and receiving transactions to the appropriate expense account. Depending on how the transactions were recorded and how the accounts were created, the process of returning the amount would vary. I recommend speaking with your accountant to make sure these transactions are recorded properly. However, if your issue is that you are receiving certain error messages in the application, you can send us more information, and we'll help as best we can.

     

    Feel free to post again anytime if you require further assistance. 
     
    If my response has answered your inquiry, please click "Accept as Solution" to assist other users in finding this information.

     

    Best regards,

    Doreen

1 Reply

  • Doreen_P's avatar
    Doreen_P
    MYOB Moderator

    Hi PulseDP,

     

    Thanks for your post, and welcome to the MYOB Community Forum.

     

    Generally, transactions like these are recorded as spending money and receiving transactions to the appropriate expense account. Depending on how the transactions were recorded and how the accounts were created, the process of returning the amount would vary. I recommend speaking with your accountant to make sure these transactions are recorded properly. However, if your issue is that you are receiving certain error messages in the application, you can send us more information, and we'll help as best we can.

     

    Feel free to post again anytime if you require further assistance. 
     
    If my response has answered your inquiry, please click "Accept as Solution" to assist other users in finding this information.

     

    Best regards,

    Doreen