Forum Discussion

Eliteauto1's avatar
Eliteauto1
User
6 days ago

Allocating a bulk Capricorn payment

Hi all, I'm stuck on something I know I've done a couple years ago but can't seem to recreate.

 

During the month we invoice customers but charge them via Capricorn so we don't expect the payment from them right away. My manager prefers to mark the invoices as paid right away so customers don't get confused and can see it's already sorted.

 

Once a month we get all the payments in one lump sum, less a service fee for each and a monthly membership fee.

 

My trouble is figuring out how to allocate this bulk payment when a) the invoices are already marked as paid, and b) the lump amount received is not the total of the invoices I've charged.

 

Any tips for someone in over their head?

3 Replies

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  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    6 days ago

    Hi Eliteauto1 ,

     

    I understand the need to make sure these payments are accounted for correctly on the file. Generally, the amount for the invoice that is marked paid but isn't yet deposited in the bank can be allocated to a loading account. I recommend creating a clearing account where you can process your payment and create a bank transfer from the said clearing to the bank account once the bulk payment has been deposited. This clearing account will contain the payments until it's deposited into your account.

     

    Let us know if you need any other help.

     

    Thanks,
    Genreve

  • Eliteauto1's avatar
    Eliteauto1
    User
    5 days ago

    Thanks Genreve! As I said, I am in over my head and just realized that if we use the GST reporting option in MYOB then it will show all these payments as the date we invoiced, rather than the day we received the money so I will need to make sure when he records the "payment" before sending the invoice to the customer, that he uses the date we expect to receive the lump sum.

    I need a bit of help with some of the specifics - for now I'm just using one of the default accounts: 1-1171  Electronic Clearing Account. Is this ok?
    When the invoice is created, he records a payment under that "bank account"?

    When the lump sum comes in do I also allocate it to that account? And how do I record the fees I've paid?
    Effectively I have A=The money owed to us, B=The money we owe, C=The amount we actually receive - so A-B=C

    Finding it hard to wrap my head around all of this so I would love step by step if that's possible!

    • Genreve_S's avatar
      Genreve_S
      MYOB Moderator
      5 days ago

      Hi Eliteauto1, 

       

      I get you need a little more information regarding how to create this. Generally, it's best to create a new clearing account separate from your other linked accounts, but the setup will be the same as any other bank account (like the electronic clearing account). When the lump sum payment goes through, you will just need to create a journal to transfer the amount from the clearing account to the bank account, this will effectively add the value to the bank account of your choice while removing the value from the clearing account. 

       

      On the other hand, if you still need help, you can also reach out to our virtual assistant, MOCA, on our website, or you can request support via my account at myob.com. If MOCA can't help, you'll be automatically directed to our live chat team.

       

      Thanks,
      Genreve

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