overpayment to supplier

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Contributing User frown2013
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overpayment to supplier

We have started a new account with Synergy and paid $250 in $50 direct debits to 30/6/18 as deposit and $200 in $50 direct debits in July 2018.  One bill was issued so far for $133.05 on 9/7/18.  I am not sure as to how to record these payments to show they went out of bank in 2017/18 and show a credit to Synergy and same for July 2018.

Can someone help me with this?  Thanks heaps.

 

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Contributing User frown2013
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Re: overpayment to supplier

Maybe I should create a purchase order and record the paid amounts against the order. Then when the bills come in transfer the order to a bill.  There will be several Synergy bills though.  I'm not sure if that would do the job.

MYOB Moderator Steven_M
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Re: overpayment to supplier

Hi @frown2013

 

The way I would record those transactions would be as follows:

 

  1. Go to Purchases>>Enter Purchases and select that Supplier before selecting Record. This will create you a $0.00 purchase for that supplier.
  2. Now that zero dollar purchase has been created you will be able to go to Purchases>>Pay Bills>>Select the Supplier. You would select Include Closed Purchases (bottom right), this will show you that zero dollar purchase to which you can apply the payment to as per normal.

    Ensure that the Total Applied matches that of the Total Paid and that you do have no value in Out of Balance before select Record.
  3. If you have multiple advance payments then complete the process again for each payment. Note an new purchase would be required for each advance payment made.

What the above process will do is generate a debit note for that supplier, which can be seen in Purchases>>Purchase Register. This will allow you to apply that debit to the supplier when the purchases do come in. 

 

Our Help Article: Customer prepayments would be able to assist with that process in more detail. Note: It is the same process for Supplier prepayments just different windows and wording i.e. replace customer with supplier, sales with credit... 

Kind regards,
Steven

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Contributing User frown2013
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Re: overpayment to supplier

Thanks Steven. Much appreciated.

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