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CAE-579's avatar
CAE-579
Experienced User
7 years ago
Solved

How to handle historical sales

Hi everyone,

 

If I sent out an invoice from MYOB at the end of June but have not yet been paid for it starting in July, can someone tell me how I would handle this for the 2017-18 financial year? I noticed that when I create a sales report, that it's including the amount in the report but as I haven't been paid for it yet I dont' know how to handle it.

 

I'd really appreciate any help.

  • Hi CAE-579

     

    In this case you are still safe to close your year off, so long as you have completed the other Year End Processes.

     

    You can still receive payments on Invoices dated in the previous Year without worry.

     

    You can always report on the previous years data after rolling over. I suggest taking a backup before closing the year just in case.

     

    Feel free to reach out if you have any other questions or concerns.

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  • Haydes's avatar
    Haydes
    MYOB Product Team

    Hi CAE-579

     

    Generally if you have unpaid invoices in the previous year, it depends on your Accounting Method on whether you report this on your BAS or other reports.

     

    For example if you are on the Accrual Accounting Method, you would be reporting this Sale as income in the previous year despite not receiving any payments.

     

    Whereas if you are on the Cash Accounting Method, you would be reporting this whenever you receive the payment and not the date of Invoice.

     

    Note that the Aged Receivables reports will show all open Invoices and any Balance Sheet and Profit and Loss reports are usually Accrual unless you run the Small Business Entity reports.

     

    If you're uncertain what your Accounting Method is for your financial records, I suggest contacting the Accountant as they would be the ones to help you with what Method to choose.

    • CAE-579's avatar
      CAE-579
      Experienced User

      Thanks for the reply,

       

      I'm not sure what accounting method is used so I may have to ask my accountant as you suggested. When I receive the money in my account I usually go into the sales register, click on the invoice and click the "Receive Payment" button. If I find out that I'm on the Accrual Accounting Method, how would I do this? I mean even if I reported the sale this year and then I closed off the 2017/18 year, how could I "receive payment" as described since I would have closed everything off?

       

      Sorry if I sound a bit vague - I'm not that into accounting!

       

       

      • Haydes's avatar
        Haydes
        MYOB Product Team

        Hi CAE-579

         

        In terms of doing data entry, you should not need to change this if you're on the Cash or Accrual Accounting Method. It's only what you report as on a Financial Matter.

         

        In your scenario, if you have open Invoices in the previous year (Say June 15), and then receive payment for it in the next Financial year (Say July 4th), then you do this as you always have by choosing "Receive Payments" and pay the Invoice.

         

        The only time you would then need to know if you're on the Cash or Accrual Accounting Method is when you report this as Income to the ATO and your own reports.

        Accruals - You report this as income at the time you created the Invoice.

        Cash - You report this as income once you receive the payment.

         

        That being said, some reports are Accrual only but they are only for your eyes/accountant's to keep track of open Sales. Like the Aged Receivables, or Balance Sheet.

         

        Feel free to reach out if you have any questions on this!

         

        As a small note, if you have Open Invoices that will never get paid, then this would be considered a "Bad Debt" and you would need to write this off. We have a support note that goes through this process which you can find here: Writing off bad debts

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to handle historical sales","id":"message:524537","revisionNum":1,"repliesCount":6,"author":{"__ref":"User:user:86040"},"depth":0,"hasGivenKudo":false,"board":{"__ref":"Forum:board:Tax_BAS_GST_EOFY"},"conversation":{"__ref":"Conversation:conversation:524537"},"readOnly":true,"editFrozen":false,"moderationData":{"__ref":"ModerationData:moderation_data:524537"},"body":"

Hi everyone,

 

If I sent out an invoice from MYOB at the end of June but have not yet been paid for it starting in July, can someone tell me how I would handle this for the 2017-18 financial year? I noticed that when I create a sales report, that it's including the amount in the report but as I haven't been paid for it yet I dont' know how to handle it.

 

I'd really appreciate any help.

","body@stringLength":"430","rawBody":"

Hi everyone,

 

If I sent out an invoice from MYOB at the end of June but have not yet been paid for it starting in July, can someone tell me how I would handle this for the 2017-18 financial year? I noticed that when I create a sales report, that it's including the amount in the report but as I haven't been paid for it yet I dont' know how to handle it.

 

I'd really appreciate any help.

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background-size: contain;\n background-position: center;\n}\n.myob-social-links .twitter a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 6%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,0A12,12,0,1,0,24,12,12,12,0,0,0,12,0Zm5.33,10c0,.12,0,.23,0,.35A7.75,7.75,0,0,1,5.4,16.92a5.48,5.48,0,0,0,4-1.13A2.73,2.73,0,0,1,6.89,13.9a2.73,2.73,0,0,0,1.23,0,2.73,2.73,0,0,1-2.19-2.67v0a2.73,2.73,0,0,0,1.23.34,2.73,2.73,0,0,1-.84-3.64,7.74,7.74,0,0,0,5.62,2.85,2.76,2.76,0,0,1-.07-.62,2.73,2.73,0,0,1,4.72-1.86,5.49,5.49,0,0,0,1.73-.66c-.2.64-.23.87-.79,1.21a1.46,1.46,0,0,0,1.34,0A5.8,5.8,0,0,1,17.33,10Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .googleplus a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 4%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,0A12,12,0,1,0,24,12,12,12,0,0,0,12,0ZM9,17.5a5.5,5.5,0,1,1,4.1-9.17L11.61,9.67a3.5,3.5,0,1,0,.56,3.84H9v-2h4.47a1,1,0,0,1,1,1.11A5.49,5.49,0,0,1,9,17.5Zm10.5-4v2h-2v-2h-2v-2h2v-2h2v2h2v2Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .facebook a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 1%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,0A12,12,0,1,0,24,12,12,12,0,0,0,12,0Zm3.51,12H13.2v7.2h-3V12H8.4V9.58h1.8V8.29A2.61,2.61,0,0,1,13,5.4h2.6V7.77H13.81a.58.58,0,0,0-.61.66V9.58h2.56Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .linkedin a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 5%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,24A12,12,0,1,0,0,12,12,12,0,0,0,12,24Zm1.82-10.71a1.2,1.2,0,0,0-1.2,1.2v4.2h-3s0-7.2,0-7.8h3v.89A3.72,3.72,0,0,1,15,10.91c1.78,0,3,1.29,3,3.78v4H15v-4.2A1.2,1.2,0,0,0,13.82,13.29ZM6.91,9.69h0A1.47,1.47,0,0,1,5.4,8.2,1.44,1.44,0,0,1,6.93,6.75a1.47,1.47,0,1,1,0,2.94Zm1.51,9h-3v-7.8h3Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .instagram a:before {\n background: url(\"data:image/svg+xml;base64,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\")\n 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Product Team","color":"333333","icon":null,"rankStyle":"TEXT"},"User:user:180487":{"__typename":"User","id":"user:180487","uid":180487,"login":"Haydes","biography":"Ex MYOB Support (2015 - 2019). \r\nCurrently working in the engine room.","registrationData":{"__typename":"RegistrationData","status":null,"registrationTime":"2018-02-28T16:21:26.997+11:00"},"deleted":false,"email":"","avatar":{"__typename":"UserAvatar","url":"https://community.myob.com/t5/s/myob/images/dS0xODA0ODctMjc1MjFpRDg2N0RBRkFCRURERUU3OA"},"rank":{"__ref":"Rank:rank:195"},"entityType":"USER","eventPath":"community:myob/user:180487"},"ModerationData:moderation_data:524562":{"__typename":"ModerationData","id":"moderation_data:524562","status":"APPROVED","rejectReason":null,"isReportedAbuse":false,"rejectUser":null,"rejectTime":null,"rejectActorType":null},"ForumReplyMessage:message:524562":{"__typename":"ForumReplyMessage","uid":524562,"id":"message:524562","revisionNum":1,"author":{"__ref":"User:user:180487"},"readOnly":true,"repliesCount":5,"depth":1,"hasGivenKudo":false,"subscribed":false,"board":{"__ref":"Forum:board:Tax_BAS_GST_EOFY"},"parent":{"__ref":"ForumTopicMessage:message:524537"},"conversation":{"__ref":"Conversation:conversation:524537"},"subject":"Re: How to handle historical sales","moderationData":{"__ref":"ModerationData:moderation_data:524562"},"body":"

Hi CAE-579

\n

 

\n

Generally if you have unpaid invoices in the previous year, it depends on your Accounting Method on whether you report this on your BAS or other reports.

\n

 

\n

For example if you are on the Accrual Accounting Method, you would be reporting this Sale as income in the previous year despite not receiving any payments.

\n

 

\n

Whereas if you are on the Cash Accounting Method, you would be reporting this whenever you receive the payment and not the date of Invoice.

\n

 

\n

Note that the Aged Receivables reports will show all open Invoices and any Balance Sheet and Profit and Loss reports are usually Accrual unless you run the Small Business Entity reports.

\n

 

\n

If you're uncertain what your Accounting Method is for your financial records, I suggest contacting the Accountant as they would be the ones to help you with what Method to choose.

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Thanks for the reply,

 

I'm not sure what accounting method is used so I may have to ask my accountant as you suggested. When I receive the money in my account I usually go into the sales register, click on the invoice and click the \"Receive Payment\" button. If I find out that I'm on the Accrual Accounting Method, how would I do this? I mean even if I reported the sale this year and then I closed off the 2017/18 year, how could I \"receive payment\" as described since I would have closed everything off?

 

Sorry if I sound a bit vague - I'm not that into accounting!

 

 

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Hi CAE-579

\n

 

\n

In terms of doing data entry, you should not need to change this if you're on the Cash or Accrual Accounting Method. It's only what you report as on a Financial Matter.

\n

 

\n

In your scenario, if you have open Invoices in the previous year (Say June 15), and then receive payment for it in the next Financial year (Say July 4th), then you do this as you always have by choosing \"Receive Payments\" and pay the Invoice.

\n

 

\n

The only time you would then need to know if you're on the Cash or Accrual Accounting Method is when you report this as Income to the ATO and your own reports.

\n

Accruals - You report this as income at the time you created the Invoice.

\n

Cash - You report this as income once you receive the payment.

\n

 

\n

That being said, some reports are Accrual only but they are only for your eyes/accountant's to keep track of open Sales. Like the Aged Receivables, or Balance Sheet.

\n

 

\n

Feel free to reach out if you have any questions on this!

\n

 

\n

As a small note, if you have Open Invoices that will never get paid, then this would be considered a \"Bad Debt\" and you would need to write this off. We have a support note that goes through this process which you can find here: Writing off bad debts

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Hi CAE-579

\n

 

\n

In this case you are still safe to close your year off, so long as you have completed the other Year End Processes.

\n

 

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You can still receive payments on Invoices dated in the previous Year without worry.

\n

 

\n

You can always report on the previous years data after rolling over. I suggest taking a backup before closing the year just in case.

\n

 

\n

Feel free to reach out if you have any other questions or concerns.

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