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Leighton's avatar
Leighton
Contributing Cover User
3 months ago
Solved

Rent Received & Pre-Paid Electricity

I have a tenant who direct deposits $150 each week into our account.  $100 is allocated to rent received and the remaining $50 is electricity paid in advance.  How should I record the electricity pre...
  • Earl_HD's avatar
    Earl_HD
    3 months ago

    Hi Leighton,

    Thanks for your post, and my apologies for the late response.

     

    In this type of situation, we recommend reaching out to your accountant for an accurate solution. However, in my opinion, when you have an invoice recorded for $150, any surplus amount will be converted into credits, which can then be applied to other invoices. You can also visit this help article for more information about: Customer returns, credits and refunds

     

    Feel free to post again, we're happy to help!

     

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

    Regards,
    Earl

Earl_HD's avatar
Earl_HD
MYOB Moderator
3 months ago

Hi Leighton,

Thanks for your post, and my apologies for the late response.

 

In this type of situation, we recommend reaching out to your accountant for an accurate solution. However, in my opinion, when you have an invoice recorded for $150, any surplus amount will be converted into credits, which can then be applied to other invoices. You can also visit this help article for more information about: Customer returns, credits and refunds

 

Feel free to post again, we're happy to help!

 

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

Regards,
Earl