Forum Discussion

Umbrella's avatar
Umbrella
Cover User
7 months ago

Supplier requesting payment to be processed as donation

We are a NFP art gallery who sell artworks through a consignment agreement process. When an artwork sells, the gallery takes a commission fee and payment for the artist goes into a holding account un...
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Shella_A's avatar
Shella_A
MYOB Moderator
7 months ago

Hi Umbrella​,

 

It's a unique situation to process supplier payment as a donation. Since this involves redirecting funds that were originally meant for payment, it's best to get in touch with your accounting advisor first. They'll be able to guide you on how to correctly handle this for both compliance and reporting purposes.

 

 

Regards,

Shella

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