Forum Discussion

Noel4819's avatar
Noel4819
Experienced Cover User
4 years ago

Credit from my supplier to pay my invoice to him

I have a supplier who is also my customer..   I have say $500 credit from my supplier and I have an invoice to him for $500.   How do I pass the credit from my supplier to pay off his invoice fro...
Noel4819's avatar
Noel4819
Experienced Cover User
4 years ago

Thanks Tracey for your reply.  I am set up for Contra payments, but this one seems to be the other way around.

 

My supplier has a credit for say $500, but i cant get the credit to pay the $500 off my invoice to him.

 

If I pay the $500 off my invoice to him and put it in a credit clearing account. I cant pay his account becasue it is already all paid. He has a credit there already of $500.

 

I need to get his $500 credit and get it back to pay my invoice to him.  I can refund his $500 to the clearing account, but how can i get it out of the clearing account to pay the invoice i have sent him...  I cant find a way to receive that $500.   .I am a little lost

Tracey_H's avatar
Tracey_H
Former Staff
4 years ago

Hi Noel4819 

 

Sorry for the delay in getting back to you. For that situation:

 

  1. record a credit sale transaction (service layout) and allocate to the contra account
  2. go to Sales register>>Returns & Credits and apply that credit to the sale invoice
  3. record a credit purchase transaction (service layout) and allocate to the contra account
  4. go to Purchases register>>Returns & Debits and apply that credit to the purchase invoice

Go to Find Transactions>>Account and search by the contra account, the two transactions should clear each other out so the balance of the account is $0.00.

 

Please let me know if you need further help.

 

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

Looking for something else?

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

Community home

Level up your skills using MYOB software.

 

Find help guides and technical solutions for all MYOB products here

Explore video tutorials for our software at the MYOB Academy here

 

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