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RKBC's avatar
RKBC
User
10 months ago
Solved

Bill Payments - Bill set up in MYOB but paid from personal funds

Hi All, 

 

I have set up a bill for a supplier in my MYOB account for electricity for $3,400. I have subsequently paid this account from private funds. How do I record the payment against the bill? Is a journal an option?

 

Regards,

 

Ben

  • Hi RKBC,

     

    Thank you for your post. I'd like to extend you a warm welcome to the community forum. I hope you find it a valuable resource.

     

    There are a few different ways of handling this, and generally, it's best to discuss which way suits your business with your financial advisor or your accountant to record this accurately. However, we have some articles you may look through when expenses are paid for with personal funds. When expenses are paid using personal funds, you would record either payments made to suppliers or spend-money transactions. You would also need to record a receive money transaction to record the payment from personal funds to your business bank account. Additionally, you may refer to General journals as an option too.

     

    Please feel free to create a new post again if you need help in the future. I'm more than happy to assist.

     

     

    Cheers,

    Princess

     

     

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  • Hi RKBC,

     

    Thank you for your post. I'd like to extend you a warm welcome to the community forum. I hope you find it a valuable resource.

     

    There are a few different ways of handling this, and generally, it's best to discuss which way suits your business with your financial advisor or your accountant to record this accurately. However, we have some articles you may look through when expenses are paid for with personal funds. When expenses are paid using personal funds, you would record either payments made to suppliers or spend-money transactions. You would also need to record a receive money transaction to record the payment from personal funds to your business bank account. Additionally, you may refer to General journals as an option too.

     

    Please feel free to create a new post again if you need help in the future. I'm more than happy to assist.

     

     

    Cheers,

    Princess

     

     

    • RKBC's avatar
      RKBC
      User

      Much apretiated this resolved the issue.

       

      BC

      • Princess_R's avatar
        Princess_R
        MYOB Moderator

        Hi RKBC,

         

        Thank you for your response. It's nice to hear that I was able to help you resolve your issue. Please don't hesitate to create a new post again if you need help in the future. I'm more than happy to assist.

         

        Cheers,

        Princess