Forum Discussion

Gem159's avatar
Gem159
Experienced Cover User
10 months ago
Solved

Payments

I have a business who is both a customer and supplier and subsequently I have two cards in the card file for them.  I have a sales invoice for $500 as well as a supplier invoice for $500.  How do I tell MYOB that one invoice cancels out the other invoice, so that moneies techinically dont have to change hands. TIA 

  • gavin12345's avatar
    gavin12345
    10 months ago

    Hi Gem159 

     

    One way is to record a Pay Bills and a Receive Payment transactions 'as if' the funds did change hands. Don't use electronic payments for either and if you use the same bank account for both, and same date, the transactions can be offset against one another when doing reconciliation. 

     

    Regards

    Gavin

1 Reply

Sort By
Replies have been turned off for this discussion
  • gavin12345's avatar
    gavin12345
    Ultimate User
    10 months ago

    Hi Gem159 

     

    One way is to record a Pay Bills and a Receive Payment transactions 'as if' the funds did change hands. Don't use electronic payments for either and if you use the same bank account for both, and same date, the transactions can be offset against one another when doing reconciliation. 

     

    Regards

    Gavin