Allocating account to bill or payment to supplier

Contributing User
6 Posts
Contributing User
Contributing User




Allocating account to bill or payment to supplier

Hi there


I have entered bills and linked invoices, then I have created a payment on the dates paid via our bank and the exact amounts.  I have allocated to the Business Bank Account on my bank feed as this is where the purchases were made.  I decided not to import bank statements for these bills that were made prior to subscribing to MYOB as I realised it made a duplicate of the bill. It was easier to create a bill and then make a payment against bill, then reconcile.


However, there is no way for me to allocate inventory or building costs to these and wondering where I can do this.

MYOB Moderator
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MYOB Moderator
MYOB Moderator




Re: Allocating account to bill or payment to supplier

Hi @LuisaM1 


Generally speaking, expenses can be entered as purchase bills + payments, Spend Money transactions or general journal entries in MYOB Essentials, depending on how much information you need to capture. The first two types are most commonly used, you can enter them manually, or utilize bank feeds to reduce the amount of data entry required. 


When matching/allocating bank transactions, the principle is

-If the transaction was manually recorded in Essentials, please match the bank transaction to the Essentials transaction. Bank transactions can be matched to open bills/invoices to close them off (instead of recording the payments manually)

- If the transaction hasn't been recorded manually in Essentials, you can allocate the bank transaction to an account, which automatically creates a Spend Money/Receive Money transaction for you. 


For more details, I'd suggest following this Help article for instructions - Working with bank transactions


If you are unsure what type of transaction to use for your inventory or building costs, it would be best to speak to your bookkeeper/accountant for guidance. 


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