myob account right payments applied to invoices but invoices still open

brittany89
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myob account right payments applied to invoices but invoices still open

Hi,

 

I have just taken over doing my fathers invoicing and bank recon and I have noticed he has a heap of invoices that are still open but when I have tried to delete them its telling me i can not delete the invoice and will need to reverse the sale.

 

I belive he may not have been matching transactions from his bank feed to these invoices.

 

If i go to" recieve payments " to close the invoices and tick"  include all closed invoices"  will this effect this years financials?

 

Some of these invoices are back in 2013, I am hoping I can close these invoices of properly and not have to start a new company file 

 

Im hoping this makes sence.

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Tracey_H
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Re: myob account right payments applied to invoices but invoices still open

Hi @brittany89 

 

Thanks for your post. What message do you get when you try to delete those transactions? In Receive Payments the Include Closed Sales option only displays closed invoices in that list, it doesn't apply payments to closed invoices.

 

As your invoices are open you would click Receive All to include them in the payment and close them off. The issue with that is that it does record a deposit transaction to your bank account which you won't be able to reconcile as no payment was made. You could change the Deposit to Account to a suspense type account to get around the reconciliation issue, but I'd check with the accountant before doing that.

 

Whether a Receive Payments transaction affects the current year financials will depend on the date of the transaction and the accounting method. If the accounting method is accrual those invoices will have been accounted for when the invoice was raised. If the accounting method is cash the invoices will be accounted for when payment is received. 

 

In situations like this I'd recommend doing an audit to work out exactly what happened and then discuss with the accountant how to deal with those open invoices. Making changes to previous financial years may require tax/BAS adjustments.

 

Please let me know how you go with this.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Cheers,
Tracey
Previously @bungy15

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