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Drew_Hawthorne's avatar
Drew_Hawthorne
5 years ago

Prepayments

Hello everyone.   I am in a bit of a jam here. I do work for the NDIS and on the 30/03/2020 I receive a booster payment of $10000 The NDIS is now saying it is an advance that is repayable.   I h...
  • GDay53's avatar
    GDay53
    5 years ago

    Drew_Hawthorne 

     

    Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

     

    The first Question is where is the amount currently entered in your Opening Balances ?

    When you created your file you should have entered opening balances from the Balance Sheet from the previous data file (Xero or whatever).

    If you have not done this then your current file will be out of balance and you will end up with a large amount in Historical Balancing account.

     

    You can fix this by

    Going into your Chart of Accounts in the Liability area and create a new Account and call it NDIS Prepayments.

    Make sure that you make this account a Credit Card type.

    Once that is done you go back to the Menu Bar - Setup - Balances - Opening Balances and enter the amount against the new account. Make sure you remove the amount from whatever account is is currently in.

     

     

GDay53's avatar
GDay53
Ultimate Cover User

Drew_Hawthorne 

 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

 

The first Question is where is the amount currently entered in your Opening Balances ?

When you created your file you should have entered opening balances from the Balance Sheet from the previous data file (Xero or whatever).

If you have not done this then your current file will be out of balance and you will end up with a large amount in Historical Balancing account.

 

You can fix this by

Going into your Chart of Accounts in the Liability area and create a new Account and call it NDIS Prepayments.

Make sure that you make this account a Credit Card type.

Once that is done you go back to the Menu Bar - Setup - Balances - Opening Balances and enter the amount against the new account. Make sure you remove the amount from whatever account is is currently in.

 

 

Drew_Hawthorne's avatar
Drew_Hawthorne
5 years ago

Thank you Graeme,

 

I already had it as a liability account, I have made the changes you recommened, and its perfect.

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