Forum Discussion

Nick_McDonald's avatar
Nick_McDonald
2 years ago

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 t...
  • Celia_B's avatar
    Celia_B
    2 years ago

    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

     

Celia_B's avatar
Celia_B
MYOB Staff

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
2 years ago

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 Staff
    2 years ago

    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

     

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