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February 2020
February 2020
Hi.
Our company is operating taxi@cab rental. If renters doesn't pay their rent, we will hire a repossession company to collect the car. After we got the car, we will pay the repo company ASAP. Some of renters will not retrieve the car but if renters want to retrieve the car, they have to pay all the rental in arrear plus repo cost. So if the renter paid $1000 directly into our company bank account which $400 for repo cost and $600 for rental, how do i account for this?
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February 2020
February 2020
I would recommend speaking to an accountant in regards to the best way to record that situation. However, from what I can see it would depend on how you accounted for the repo of the car in AccountRight:
The whole process I would use would be:
By doing it that way, you would close the invoices as they would be a bad debt, you would have a bill and payment for the Repo company. Along with another transaction to reverse out what you did if they decide to pay out those fees.
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