Forum Discussion

carljh's avatar
carljh
User
2 years ago
Solved

Entering transactions for a contractor

I have come over from Quicken Home & Business and have little accounting knowledge.  I am doing the accounting for my wife's shop and she has a woman working with her but are not in an official partn...
  • Tracey_H's avatar
    Tracey_H
    2 years ago

    Hi carljh 

     

    Welcome to MYOB and the Community Forum. As we're not accountants we're not permitted to advise on allocation accounts/tax codes or how these transactions should be recorded. I'd recommend discussing with your accountant the accounts you need to create and the transactions you need to record. Once you have that information I'll be happy to assist with how to record those transactions in the software. 

     

    Generally speaking, you could set the woman up as a supplier and as a customer. You could enter bills for the amounts owed to her and invoices for the amounts she owes, like half the expenses. You can then offset these amounts using a contra account. The Help article, Dealing with a supplier who is also a customer, has detailed information on this. 

     

    Please let me know how you go.

     

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

Tracey_H's avatar
Tracey_H
Former Staff
2 years ago

Hi carljh 

 

Welcome to MYOB and the Community Forum. As we're not accountants we're not permitted to advise on allocation accounts/tax codes or how these transactions should be recorded. I'd recommend discussing with your accountant the accounts you need to create and the transactions you need to record. Once you have that information I'll be happy to assist with how to record those transactions in the software. 

 

Generally speaking, you could set the woman up as a supplier and as a customer. You could enter bills for the amounts owed to her and invoices for the amounts she owes, like half the expenses. You can then offset these amounts using a contra account. The Help article, Dealing with a supplier who is also a customer, has detailed information on this. 

 

Please let me know how you go.

 

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