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House-Tom's avatar
House-Tom
User
10 days ago

Bond Return from Supplier

I have a very basic question about refunds to my business. 
1. I rent a piece of equipment from let's say "Bunnings"
2. I paid the bond
3. I return the equipment and I received bond back to bank account. 

How I supposed to classify bond return from "Bunnings"? 
It is not an income – so how it supposed to be categorise?

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  • Doreen_P's avatar
    Doreen_P
    MYOB Moderator
    10 days ago

    Hi there House-Tom

     

    If you have created an invoice, an option would be to reverse the invoice to create a credit then process refund. You check this link for more info. However, it would still be best to speak to your accountant. If you encounter issues in the future, feel free to create a post again.

     

    Best regards,

    Doreen