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.