Linked account for purchases - tracking deposits paid to suppliers

Experienced Cover User MareeD1
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Linked account for purchases - tracking deposits paid to suppliers

Hi, somehow our linked accounts have been changed and I am trying to re-set them.  Everything seems pretty obvious but I just want to check that if "I track deposits paid to suppliers" is ticked, that the linked account is Trade Creditors? I tried leaving that unticked but it won't then let me receipt a deposit payment to a supplier. Thanks!

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Ultimate Partner GDay53
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Re: Linked account for purchases - tracking deposits paid to suppliers

@MareeD1 

 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

 

If you are using "I track deposits made to Suppliers" then the linked account should NOT be Trade Creditors.

I should be an ASSET account called something like Supplier Deposits and it should be a bank type account.

 

If my response to your query and has helped, please mark my post as a solution to help others in the future.
Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
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Experienced Cover User MareeD1
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Re: Linked account for purchases - tracking deposits paid to suppliers

Hi Graeme,  I actually don't want to track the deposits and have them allcoated to a separate account, but if I leave that unticked when I make a payment to a supplier and its not the full payment, I get a message saying that I have to select an account for it to be allcoated to.  How do I get around that if I don't want to track the deposits?

MYOB Moderator Steven_M
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Re: Linked account for purchases - tracking deposits paid to suppliers

Hi @MareeD1 

 

When you make a payment on a purchase order that payment is treated as a deposit to the supplier. As such, you do need to have a linked accounts for I track deposits paid to supplier  - Asset Account for Supplier Deposits. Normally, that you would be a separate account like Deposits with suppliers.

 

If you are not wishing to select that account/use deposits for suppliers you would need to convert that purchase order into a Bill before going to the Pay Bills window. This can be done by opening that purchase from the Purchase Register and selecting Bill to convert it. Once you are using a Bill, that Pay Bills transaction would not be treated as a deposit and thus that prompt to select a linked account would not appear.

Kind regards,
Steven

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Experienced Cover User MareeD1
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Re: Linked account for purchases - tracking deposits paid to suppliers

Hi Steven,

 

Thanks for your reply, that makes sense now.  I only have to convert to a bill rather than an order and I won't get that message.

 

I appreciate your help.

 

Maree

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