Forum Discussion

MG-14's avatar
4 years ago

Entering payments made via a third party for supplier invoices

I have started using a broker (OFX) to pay our invoices from our supplier in Germany. To process this in MYOB, I was planning to:

 

  • Set OFX as a contra ‘bank’ account
  • Enter the supplier invoice as per normal
  • Pay the supplier invoice from the OFX Bank Account
  • Enter a purchase for the OFX transaction, including the supplier invoice total and their administration costs.
  • Pay for this OFX transaction from our main bank account

 

My question is, I’m not quite sure how to enter the OFX transaction.  I assume I will need to make a purchase, but given the supplier invoice has already been raised and the purchase allocated to the inventory cost of sales account.  What account do I allocate OFX purchase to…

  • Forget the above question.  After thinking it through a little more, I figured it out.

  • Forget the above question.  After thinking it through a little more, I figured it out.