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KiwiDK's avatar
KiwiDK
Member
4 days ago
Solved

Recording part payment of invoice from Dues in Advance in Balance sheet?

What transactions do I need to create to offset an outstanding amount on a customer invoice which is to be met from an amount in Dues in Advance field in the Balance Sheet? 

Thanks in anticipation

David

  • KiwiDK's avatar
    KiwiDK
    4 days ago

    Thanks Princess_R

     

    I found we had an electronic clearing account which was visible to the Receive invoice  payment process as if it was a bank account. 

    I journaled the amount from the Dues in Advance account to the clearing account and then actioned the Payment received step referencing the clearing account. 

    All looks good

     

    Thanks for steering me in this helpful direction.

     

    Cheers

    KiwiDK

2 Replies

  • KiwiDK's avatar
    KiwiDK
    Member
    4 days ago

    Thanks Princess_R

     

    I found we had an electronic clearing account which was visible to the Receive invoice  payment process as if it was a bank account. 

    I journaled the amount from the Dues in Advance account to the clearing account and then actioned the Payment received step referencing the clearing account. 

    All looks good

     

    Thanks for steering me in this helpful direction.

     

    Cheers

    KiwiDK

  • Princess_R's avatar
    Princess_R
    MYOB Moderator
    4 days ago

    Hi KiwiDK,

     

    Good question. The most suitable option may depend on your business setup and workflow. Generally, you could either transfer the funds out of the liability account and apply them to the open invoice using a General Journal entry, or process the transaction through the Receive Payments window using a clearing  account. As the correct treatment can vary, I recommend checking with your accountant to make sure it’s recorded appropriately.

     

    Cheers,

    Princess

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