Forum Discussion

Sadeta21's avatar
Sadeta21
Contributing User
4 years ago

overbanked cash from an invoice paid by customer

Needing help...

 

I received cash for an Invoice eg $1000 and change was given from the register, eg $42 so the invoice is originally $958. I then banked the $1000 when i should have only banked the $958, so then i had to withdraw from the bank the $42 to put back into the register.

I now need to enter in MYOB the money I have withdrawn form the bank account so that the reconciliation will balance at end of month.

But the cash register has the correct amount showing in MYOB it never was less the $42.

If anyone can advise me how to fix this it will be greatly appreciated.  

Thanks

  • Tracey_H's avatar
    Tracey_H
    4 years ago

    Hi Sadeta21 

     

    Thanks for your post. There's a couple of ways you can handle these situations depending on how you entered the payment, ie $958 or $1000. Assuming you entered the payment amount as $958:

     

     

    Option 1 -

    1. if you don't already use the Undeposited funds account, delete and re-enter the payment to the Undeposited Funds account for $958
    2. record a Receive money transaction, tick the Undeposited Funds box so the Deposit to Account is the Undeposited Funds account, allocate $42 to a suspense type account
    3. go to Prepare Bank Deposit, select both transactions, the total deposit amount will be $1000, click on Record
    4. match that transaction with the deposit transaction in bank feeds
    5. record a Spend money transaction, allocate $42 to the same suspense account used in the Receive money transaction
    6. match the Spend money transaction with the withdrawal in bank feeds
    7. the Receive and Spend money transactions will clear each other out so the suspense account will be back to zero

    Option 2 -

     

    In the bank account you have a deposit of $1000 and a withdrawal of $42 giving you a total deposit of $958. In AccountRight you have a deposit of $958 so basically those 3 transactions reconcile. In bank feeds you can hide the two transactions, $1000 deposit and $42 withdrawal, by right clicking on the transaction and selecting Hide. Then go to Reconcile Accounts and manually tick the $958 deposit. If you're not sure about this option I'd recommend checking with your accoutant.

     

    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.

  • Tracey_H's avatar
    Tracey_H
    Former Staff
    4 years ago

    Hi Sadeta21 

     

    Thanks for your post. There's a couple of ways you can handle these situations depending on how you entered the payment, ie $958 or $1000. Assuming you entered the payment amount as $958:

     

     

    Option 1 -

    1. if you don't already use the Undeposited funds account, delete and re-enter the payment to the Undeposited Funds account for $958
    2. record a Receive money transaction, tick the Undeposited Funds box so the Deposit to Account is the Undeposited Funds account, allocate $42 to a suspense type account
    3. go to Prepare Bank Deposit, select both transactions, the total deposit amount will be $1000, click on Record
    4. match that transaction with the deposit transaction in bank feeds
    5. record a Spend money transaction, allocate $42 to the same suspense account used in the Receive money transaction
    6. match the Spend money transaction with the withdrawal in bank feeds
    7. the Receive and Spend money transactions will clear each other out so the suspense account will be back to zero

    Option 2 -

     

    In the bank account you have a deposit of $1000 and a withdrawal of $42 giving you a total deposit of $958. In AccountRight you have a deposit of $958 so basically those 3 transactions reconcile. In bank feeds you can hide the two transactions, $1000 deposit and $42 withdrawal, by right clicking on the transaction and selecting Hide. Then go to Reconcile Accounts and manually tick the $958 deposit. If you're not sure about this option I'd recommend checking with your accoutant.

     

    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.

      • Tracey_H's avatar
        Tracey_H
        Former Staff
        4 years ago

        You're very welcome Sadeta21 

         

        Please don't hesitate to post again if you need help in the future.

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