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February 2020
February 2020
Hello,
We have an Asset account (Account Type: Other Asset) to record the money we have loaned to our parent company.
We also have some Sales Invoices to our parent company - but they won't pay them. Instead, they want us to reduce the loan account according as a way of paying these Sale Invoices.
How do I do this?
Thanks in advance.
Solved! Go to Solution.
February 2020
February 2020
Hi @charliez , the sales invoices are debtors, so both them and the loan account are assets and can't be offset. I suggest you point this out.
Regards, Mike (mike@datawise.co.nz)
DataWise Limited (www.datawise.co.nz), developers of:
DataWise ProActive - Custom Reporting from MYOB programs
(MYOB Business, including AccountRight Live, AccountRight v19.x and exo Payroll)
Bulk download of attachments (more details...)
February 2020
February 2020
OK... so here's what I've done.
I've changed the Asset Type of the loan account from "Other Asset" to "Bank".
I then recorded a payment for the outstanding sale invoices, using this loan account as the "Deposit to Account" ... effectively increasing the loan to the parent company.
Seems to work OK. Is there anything I should be aware of?
February 2020
February 2020
Hi @charliez , that's correct, and it increases the loan account, I was slightly confused in that I took from your first post that head office expected it to reduce.
Regards, Mike (mike@datawise.co.nz)
DataWise Limited (www.datawise.co.nz), developers of:
DataWise ProActive - Custom Reporting from MYOB programs
(MYOB Business, including AccountRight Live, AccountRight v19.x and exo Payroll)
Bulk download of attachments (more details...)
February 2020
February 2020
Yes, you're right; I was confused in my original post. But it looks like we got the right outcome after all. Thanks.
by
jlyall
a month ago
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