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Nick_McDonald's avatar
9 months ago
Solved

Clear off small balances in AR / AP ledgers

Hi.,  I am new(ish) to MYOB.  10+ years on SAP, 5 years on NetSuite. Now I am learning MYOB. 

 

We have some 1 cent balances on clients and suppliers in the AR and AP Sub-Ledger. How can we clear these off? 

Do we have to make a payment or from the clearing account, then journal that through to P&L? 

 

Is there an easier / simpler / faster way please?

Thanks

Nick

 

  • Hi Nick_McDonald,

     

    Thank you for your post and welcome to the Community Forum. 

     

    Thank you for flagging this to us. And we would like to thank DuncanS  for sharing insights into this issue. Aside from DuncanS suggestion, if it is a few cents, you have two options. Adjust the invoice amount by a few cents to match the payment, to close it off. Alternatively, establish a debit note for the customer for those extra cents and then apply to the client's invoice to close off. We also suggest that you consult with your accounting expert on the account and tax code during the procedure. 

     

    Please let me know if you need further assistance with this, We are happy to assist you. 

     

    If my response has answered your enquiry, please click "Accept as Solution" to assist other users find this information.

     

    Kind Regards, 

    Cel

     

4 Replies

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  • Celia_B's avatar
    Celia_B
    MYOB Moderator

    Hi Nick_McDonald,

     

    Thank you for your post and welcome to the Community Forum. 

     

    Thank you for flagging this to us. And we would like to thank DuncanS  for sharing insights into this issue. Aside from DuncanS suggestion, if it is a few cents, you have two options. Adjust the invoice amount by a few cents to match the payment, to close it off. Alternatively, establish a debit note for the customer for those extra cents and then apply to the client's invoice to close off. We also suggest that you consult with your accounting expert on the account and tax code during the procedure. 

     

    Please let me know if you need further assistance with this, We are happy to assist you. 

     

    If my response has answered your enquiry, please click "Accept as Solution" to assist other users find this information.

     

    Kind Regards, 

    Cel

     

    • DuncanS's avatar
      DuncanS
      Ultimate Partner

      Nick_McDonald Celia_B 

       

      Nick,

       

      I agree with Celia that the easiest method may be to adjust the Tax Invoice amount.

      This would not be advisable if larger amounts or if the Year is closed or Period/Quarter is locked.

       

      By way of reference, a Credit Note under the GST system is called a Adjustment Note.

      • Celia_B's avatar
        Celia_B
        MYOB Moderator

        Hi DuncanS,

         

        Thank you so much for your insights. We truly appreciate your time in sharing your thoughts on Community Forum to help our clients in finding resolution to their issue. 

         

        Have a great day!

         

        Thanks, 

        Cel