Spend money

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Experienced Cover User LaniOUP
52 Posts
Experienced Cover User
Australia
LaniOUP
Experienced Cover User

52Posts

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Spend money

Today I was in a hurry entering bills for payment. I’m paying them as soon as I enter them, so I just entered them all as spend money, created an aba file and paid them at once. Is there any reason why this is bad instead of adding the step of creating a bill first? I will always be paying as I enter, so I’m hoping to avoid the additional step of entering a bill.

thanks

lani

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Ultimate User gavin12345
2,000 Posts
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Australia
gavin12345
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Re: Spend money

Hi @LaniOUP

 

Depends entirely on your needs and how you use MYOB. If MYOB is used to record transactions after the event for tax purposes for example, there is nothing wrong with using Spend Money and Receive Money. If reporting on an accrual basis you will need to have a method to work out amounts outstanding as at 30 June each year for Debtors and Creditors - discuss with your accountant.

 

If you use MYOB to track who owes you money and who you owe money to, then entering the Sales and Purchase invoice immediately on receipt is the way to go. You can also get more detailed reports like Sales Analysis per customer etc.

 

Regards

Gavin

 

 

 

 

 

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