Purchases and Returns
Firstly, I have a bill that I am unable to pay via direct deposit (which is my only option). So when someone pays personally for something on behalf of the club, how do i record the bill and the refund to the person who paid it in MYOB business?
I have a secondary issue where a sponsor has paid an invoice for the club and has given me the invoice and told me that is their sponsorship contribution. How do I record this please?
on a seperate note, what are peoples thoughts on PayPal accounts for sending money for business?
Value all advice and guidance. This is a volunteer role and has so far been hectic!
Hi Megan89,
Thanks for your post and for waiting patiently for a response.
When someone pays for something on behalf of the club, you can record the bill as usual and choose the bank or cash account they used. This keeps track of the expenses owed by the club. To reimburse the person, create a Spend Money transaction from the club's account, categorizing it as a refund.
For a sponsorship contribution, record the payment against the invoice, making sure it's categorized correctly as income.
Regarding PayPal accounts for business, opinions can vary. Some find it convenient due to its widespread use and ease of transaction, while others are cautious due to potential fees and security considerations.
While I can provide some general information, it's recommended that you consult with a professional accountant or financial advisor for advice tailored to your specific situation.
Feel free to create a new post again if you need further assistance.
If my response has answered your inquiry, please click "Accept as Solution" to help other users find this information.
Cheers,
Princess
