Direct debit and prepayment

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Contributing Cover User Kriztine_23
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Direct debit and prepayment

Hi

 

I have an account with some suppliers and they auto debit my account from time to time while crediting my daily consumption. These amounts are not equal.

How should I record the amounts that they debit from me as prepayment or deposit to supplier and apply it to the expenses i have incurred in relation to it.

 

I  record the invoices as they come from the supplier.

Thanks

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MYOB Moderator Stuart_W
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Re: Direct debit and prepayment

HI @Kriztine_23

 

From what I understand you want to put some supplier debit notes in the system for the amounts they automatically withdraw from your account, and use these to pay off future bills? You can definitely do that in AccountRight. Simply enter a Bill, making it for a negative amount (i.e. -$100 gives a $100 credit to you), and assign it to the correct supplier. When the time comes go to the purchases register, returns and debits, and apply to purchase. Here you select your bill and apply to the appropriate bill. Our help note Supplier returns, debits, and refunds help note goes into detail about this.

 

Hope this helps, If you need any further assistance at all, please don't hesitate to reach out.



Kind Regards,

Stuart W
MYOB Client Support
Contributing Cover User Kriztine_23
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Re: Direct debit and prepayment

Hi @Stuart_W

Thank you so much for your prompt reply. I appreciate it highly.

Yes, that's what I am currently doing. I record the direct debits as purchase but with negative amount. 

However, what I want to make sure is that my payment (the direct debit) is also recorded as a credit to my cash in bank account.

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