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Helenqu's avatar
Helenqu
User
2 years ago
Solved

How to enter a credit for a purchase

Hi,   I would like to book the following entry via Purchases in MYOB accounts right:   Dr AP Cr Other Receivable   How can I do in my MYOB accounts right?   Thanks and regards, Helen
  • ChrisMYOB's avatar
    ChrisMYOB
    2 years ago

    Hello Helenqu 

     

    If you have multiple companies you can set up loan liability accounts, for example, in Company A set up a loan liability account for Company B. When you create the loan liability accounts select Credit Card as the Account Type.

     

    If Company A pays a Company B bill, enter the bill as normal in Company B. When recording the payment, or if you're recording a Spend money transaction, select the Company A liability account in the Bank account field. In Company A record a Spend money transaction, select the bank account in the Bank account field, and allocate to the Company B liability account.

     

    If funds are transferred between different company's bank accounts, record Transfer money transactions. The From account is the account funds are being withdrawn from and the To account is the account funds are being deposited to. For example, Company A transfers funds into Company B's bank account, in Company A the From account is the bank account and the To account is the Company B liability account. In Company B the From account would be Company A liability account and the To account is the bank account.

     

     

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

Helenqu's avatar
Helenqu
User

Hi Chris,

 

Thanks for you reply.

 

The purchase invoice was paid from our intercompany A rather than our company B, so I book the following transaction in intercompany A:

 

Dr Other receivable - B

Cr Bank account

 

At the meanwhile I need to record the transaction in our company B:

 

Dr Accounts Payable

Cr Other payable - A 

I now create a new purchase as a negative amount in AP of our company B, this leads to a negative amount in AP with a debit status, which can be offset with the positive purchase invoice, but the status for this positive purchase invoice is still open. 

 

Do I need to make any further adjustments in AP of our company B?

 

Looking forward to your reply.

 

Kind regards,

Helen

 

 

ChrisMYOB's avatar
ChrisMYOB
Former Staff
2 years ago

Hello Helenqu 

 

If you have multiple companies you can set up loan liability accounts, for example, in Company A set up a loan liability account for Company B. When you create the loan liability accounts select Credit Card as the Account Type.

 

If Company A pays a Company B bill, enter the bill as normal in Company B. When recording the payment, or if you're recording a Spend money transaction, select the Company A liability account in the Bank account field. In Company A record a Spend money transaction, select the bank account in the Bank account field, and allocate to the Company B liability account.

 

If funds are transferred between different company's bank accounts, record Transfer money transactions. The From account is the account funds are being withdrawn from and the To account is the account funds are being deposited to. For example, Company A transfers funds into Company B's bank account, in Company A the From account is the bank account and the To account is the Company B liability account. In Company B the From account would be Company A liability account and the To account is the bank account.

 

 

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