Closing an existing loan and opening new loan account
The company has a loan which has been refinanced with a new account number.
I need to reconcile the final account - when I state that a deposit/payment/receive money was made to the account in question, MYOB applies it as a withdrawal which leaves me with double the sum owing instead of leaving a balance of 0.00.
If I make the deposit/payment/receive money as a negative amount, it applies it as both a depoist and withdrawal but does manage to leave the balance as 0.00
I am quite confused as to what process I am to use to show that the loan has been paid out.
Any guidance gratefully received
Hello JustMichaela
Thank you for your question.
You would use the Banking command centre > Receive Money to enter the refund amount.
If this is a refund from your BAS you will be able to follow this Help Article on Recording your ATO payment or credit which contains a table with examples on how to enter it.
Otherwise, you will need to speak to your financial advisor about the best way to enter it for your business.