Invoicing refundable bonds
Hi, I want to create an invoice with 2 items - property income for renting out a space for events and a refundable bond which is returned after the end of the event if the space is left in a good co...
Forum Discussion
I had the same problem.
There is something wrong with the system. If you allocate an amount to an account, that amount should not change when payment is made.
I found that the item Bond/Bond returned. I had to set it up as I buy and sell with the same liability account no.
It was the only way I found it worked, and the liability account was correct.
To refund the bond, I had to create a bill for electronic payment. Credit sales would not let me make payment by electronic payment, which sucks. You won't need to create a bill if you are not using electronic payments.
We make all our payments via Electronic payments once weekly, with less chance of error.
This is just one of many problems with this program.
Hi colleenWatson,
Thank you for sharing your experience! Setting up Bond/bond returned as buy and sell with the same liability account seems like a creative workaround. This will surely benefit other users who'll encounter the same issue. Feel free to share or post again if you have ideas or if you need further assistance.
Cheers,
Princess
There is a glitch in the system. When an invoice is created, and amounts are allocated to specific accounts, these should not change when a receipt is allocated.
I came up with the above because of the glitch.
If a customer is in credit and a refund is to be paid, you can not do it by electronic payments. There is nowhere to enter their banking details and select electronic payment bank.
You can do this in Account Right
Hi colleenWatson,
Thanks for letting us know. We're aware that MYOB Business doesn't have all the features yet, but rest assured, we're hustling to make it even better. If you've got any bright ideas or suggestions, please share them on our MYOB Business Ideas Exchange board. We're all ears! And, of course, reach out if you need any further assistance.
Cheers,
Princess
Hi
have you passed this glitch on to be corrected ASASP.
Hi,
Apparently it work ok in the accrual accounting method, but not cash...
