Forum Discussion

Natalie638's avatar
Natalie638
Contributing Cover User
2 years ago

Invoice to payout a loan contract

Hello,

 

I have a contract that is changing service providers and I have been asked to provide an invoice so it can be paid out by one provider and then it will show as 'paid' by the new provider and the new contract will begin, and thus our monthly installment payments.

This is essentially a liability (phone equipment loan) and I am unsure how to show the 'sale' and 'payment' when it is not actually a sale at all.  I understand the provider needs an invoice, but I would think this is a GJ entry on my end.

 

I hope this makes sense.  Can I provide the invoice, then credit it once paid and enter as a GJ in my system?

 

Regards

Natalie 

1 Reply

Sort By
Replies have been turned off for this discussion
  • Sean_DC's avatar
    Sean_DC
    MYOB Moderator
    2 years ago

    Hi Natalie638 

     

    Thank you for your post. In this case, I would already suggest reaching out to your accountant on how to record a transaction related to your loan contract. But for further information, here are some Help Articles you may use as a guide:

     

     

     

    Please feel free to post again. I'm happy to assist further.

     

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