Transferring between accounts

Giamar
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Transferring between accounts

I set a customer deposit account in liabilities and now need to transfer the funds to income account, how do i do this as a lump sum

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Tracey_H
MYOB Moderator
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MYOB Moderator
MYOB Moderator

6,996Posts

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Re: Transferring between accounts

Hi @Giamar 

 

Thanks for your post. Typically the customer deposit account is a liability account. Then when the sales order is converted to an invoice the deposit is automatically transferred from the liability account to the trade debtors account.

 

Additionally, if you record a sale invoice with the deposit entered in the Paid Today field the whole sale amount is allocated to the income account as you can see when recapping the sale transaction:

 

depo.PNG

 

As such, transferring the deposit amount from the liability account to the income account might inflate the income account incorrectly.

 

So that I can provide advice based on your situation can you please let me know what transactions you have recorded and if you have set the liability account for customer deposits in Linked Accounts?

 

Please let me know so that I can help further.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Cheers,
Tracey
Previously @bungy15

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