Forum Discussion

Matty679's avatar
Matty679
4 years ago

Cash Advance

Hi All   So I need some clarifications on the following:   We are an NGO and travel to communities to conduct training/workshops etc..   To cater for expenses we write cash cheque to the estima...
  • Julie_A_C's avatar
    Julie_A_C
    4 years ago

    Hi Matty679 

     

    It all sounds good, but if you want to enter the actual supplier invoices into Myob, either in purchases or by spend money so you can create a card for them and have more tracking options later then when they are paid it would be via the Cash advance account, which needs to be set as account type bank.

     

    You should also reconcile the cash advance account as you do with the actual bank account.  Using nil balance and ticking all advances that have been acquitted.

     

Julie_A_C's avatar
Julie_A_C
Ultimate Cover User
4 years ago

Hi Matty679 

 

It all sounds good, but if you want to enter the actual supplier invoices into Myob, either in purchases or by spend money so you can create a card for them and have more tracking options later then when they are paid it would be via the Cash advance account, which needs to be set as account type bank.

 

You should also reconcile the cash advance account as you do with the actual bank account.  Using nil balance and ticking all advances that have been acquitted.

 

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.