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Furnishscene's avatar
Furnishscene
Contributing User
3 days ago

Recording client deposits

We have been invoicing client deposits so we can allocate the funds against this. then we do a negative deposit value on the order until ready to invoice. Come end of year my actual client deposits do not marry up to the general ledger amount and when the ledger is printed it doesn't appear that there are many Transfer from deposits recorded for the year. But this is not correct as we get deposits from most clients orders. There is a significant difference in totals from MYOB calculation to actual EOY calculation.

 

Regards karen

 

1 Reply

  • Isaiah_C's avatar
    Isaiah_C
    MYOB Moderator
    3 days ago

    Hi Furnishscene,

     

    Thanks for explaining that. It sounds like the way the deposits have been entered. Invoicing the deposit first, then using a negative deposit on the order until it’s invoiced, may be why the client deposits balance and the general ledger aren’t lining up. In MYOB, deposits can be tricky because if they’re entered or allocated in different ways during the year, the transfer from deposits entries may not always show the way you’d expect, which can cause the end-of-year totals to look off. This can also happen if there are duplicate payments, missing allocations, transactions in the wrong period, or older/future-dated transactions affecting the balance. A good next step would be to run a detailed receivables/client deposits report and compare it to the general ledger detail for the same period, then check for any deposits that haven’t been fully applied to invoices, duplicate entries, or transactions dated differently from when they were actually processed.

     

    Regards,

    Sai 

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