Forum Discussion

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
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

Ultimate Cover User

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.