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caveraft's avatar
caveraft
6 days ago

Recording credit card payments against invoices

Our credit card payments come through in daily payments - an agglomeration of all the previous day's payments. Occasionally, one of our customers who has paid via CC will ask for a Tax Invoice - but I'm unable to record a payment against this as I can't split the CC payments up against individual invoices if the amounts don't match. If I record a manual payment this puts our accounting out of whack as they effectively get double counted (as the payment is actually included in the daily CC reconcilliation).

 

What's the best way to deal with this scenario? Currently I just issue the invoice then delete!

  • Princess_R's avatar
    Princess_R
    MYOB Moderator
    4 days ago

    Hi caveraft,

     

    Thanks a ton for sharing your situation! If your customers need a tax invoice, you can simply provide them with customer statements. These statements will list all the individual invoices and their respective payments. For more details, check out this link. 

     

    Cheers,

    Princess

    • caveraft's avatar
      caveraft
      3 days ago

      Thanks for taking the time to reply. Unfortunately that won't help me as it's more the allocation of payments against these invoices that is an issue. Most of my customers do not require an invoice, but some do - for example, a one-off customer purchases a product (for say, $500) from me, pays via credit card and asks for a GST receipt (invoice). I make up an invoice either to the specific customer, or to a cash sales account. That $500 then turns up in my bank tomorrow, but as part of a lump-sum of say $8K (the day's sales). MYOB doesn't seem to allow me to split that $8K payment partly against an invoice and partly to a GL code. 

      • Earl_HD's avatar
        Earl_HD
        MYOB Moderator
        3 days ago

        Hi caveraft,

        In this scenario, we recommend consulting with an accountant to ensure an accurate solution. However, to give you an idea of how to approach it: when you receive the $8K in your bank (which includes the $500 invoice and other payments), record it as a single payment against your bank account. For the $500 invoice, you can choose to record it against Cash Sales or a relevant GL account where payments for such transactions are typically collected. Once the lump-sum payment is recorded, allocate the payment against the Cash Sales or Unallocated account, making sure the payment is linked to the specific invoices that need to be settled.
         

        For more detailed guidance, you can visit this help page: Receiving payments

        I hope this helps!

        Regards,
        Earl

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