Forum Discussion

AEH2's avatar
AEH2
Contributing User
29 days ago

Payments and allocations to supplier trust accounts

Our company has retained a lawyer to commence legal action in relation to some issues with damages to hired out equipment.  Prior to commencing work and throughout proceedings, we were required to pay amounts to their trust account.  These payments were entered as Spend Money transactions (including GST) as we had no invoices to allocate towards.

 

As work is progressing, the law firm is sending though invoices and requesting approval to withdraw funds from our trust balance.  How do I deal with this within MYOB? I want to ensure that GST is accounted for accurately. Initial trust funds were deposited last financial year so I'm not sure if this will complicate matters further.

  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator

    Hi AEH2,

     

    The process you're asking about isn't a common workflow, so it might be best to get help from an accountant to make sure it's done correctly. How these transactions are allocated is considered financial advice, which we as forum moderators can't provide.

     

    Feel free to post again if you need any other help.

     

    Thanks,
    Genreve