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a month ago
I am trying to close off the EOFY. Our system transfers Purchase Invoices from Ostendo over to MYOB to allow for processing at this stage. There has been a number of Purchases lately where we have had to pay upfront but have not yet recieved goods. So we have not been able to book in goods as yet for processing. This means that the Bank Reconcilliations are unable to be closed off for the year.
Is there any way to enter that a payment has been made, and apply that payment at a later date to an Invoice once it is booked in?
Any help wuld be greatly appreciated.
a month ago
There are a few different ways in which you can do it, I've included the two most common below: I would recommend checking with your accountant to ensure that the processes meet your requirements
Option 1: Generate a zero dollar purchase
What this process will do is generate the necessary banking transaction and also generate a debit note for you. This debit note can then be applied to the selected bills (when they come in) through Purchases>>Purchase Register>>Returns & Debits>>Apply to Purchase/Receive Refund.
Option 2: Use a holding account
With this process you would be looking at first creating a new bank account via Accounts>>Accounts Lists>>New. You would need to give the account a number, name and set the account type to be Bank.
Once that account has been created, you would go to Banking>>Spend Money and record the necessary banking transaction with the allocation account being the holding account. This will generate the necessary banking transaction.
When you get those bills in you would be doing a Purchases>>Pay Bills transaction as per normal, you just need to ensure that the Pay from Account is that holding account.
Do let us know how you get on and if you require further assistance.