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February 2021
February 2021
I had a suppliers invoice for $1571.92
He owes us $110 and he wanted me to subtract the amount he owes us because he's in the UK
This I have foolishly done, so I paid him $1461.92
Now I'm trying to reconcile the accounts and I'm in all sorts of bother.
I've read about using contra accounts but the example shows debit and credits for the same amount
how do I do it for uneven amounts so I can reconcile the accounts
Solved! Go to Solution.
February 2021
February 2021
Hi @PRSquire
A contra account situation would be the way to go, I've outlined the process below for yourself:
Basically, in short, the above process puts the money from that sale transaction into a holding account, you then use that holding account to reduce the amount of the purchase to give you the amount that was actually paid. You then enter the amount you are actually paid as another pay bills transaction to the desired bank account to reflect want occurred and thus allow the account to be reconciled.
February 2021
February 2021
Thanks Steven
I've managed to reconcile the accounts. I followed your steps and had it sorted in minutes. I really appreciate your prompt and excellant and very clear advice.
Keep up the good work
Phil
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