Remittance to show adjustment credits

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Experienced Cover User
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Experienced Cover User
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Remittance to show adjustment credits

Hi,

 

Remittance advice to detail 'exactly what has been paid' including any credits applied so that the supplier can make the exact same allocations their end.

 

I believe this has been a complaint for many years now yet I am unable to find a reasonable response anywhere on this forum.

 

I can't imagine this being a massive fix for MYOB given that many other accounting packages do show the credits applied on their remittance advices.

 

Has this been option been considered by MYOB, is it ever going to be resolved or will this never be fixed ?

 

thank you

JHP

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Experienced Cover User
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Experienced Cover User
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Re: Remittance to show adjustment credits

Thanks for asking that question, I've been meaning to do the same thing for a long time!

Cheers,

ML

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MYOB Moderator
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MYOB Moderator
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Re: Remittance to show adjustment credits

Hi @jhp  @Margriet 

 

Remittance advices in AccountRight relate to the Pay Bills transaction that is being recorded. As the act of applying that debit is a different transaction i.e. a Settle Returns and Debits transaction and thus will not show on the remittance advice.

 

If you do need to produce a remittance advice to show that the credit has been applied you would be looking at completing the following process:

  1. Create a new bank account - Accounts>>Accounts Lists>>New - give the account a number, name and set the account type to be Bank.
  2. Once created, when you do wish to apply a debit to purchase you would highlight that debit note, select Recieve a refund. You would then generate a refund transaction with the Deposit to Account being the new bank account.
  3. After that transaction has been completed, you would go to Purchases>>Pay Bills and make a payment transaction on the required Bill with the Pay from account being that newly created account. 

This will allow you to produce a remittance advice for that Pay Bills transaction which allocated that amount to that purchase. You may need to customise a remittance advice to indicate that this was a debit note allocation.

 

In terms of showing that debit allocation on the paying bill remittance advice, to my knowledge, this is not a feature of the product that we are actively working on.

Kind regards,
Steven

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