Are our payments being counted twice?

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Contributing User Xpertnz
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Are our payments being counted twice?

Hi,
For background info: we use MYOB to invoice only some customers. We also have an old school carbon-copy book for quick customers in shop (it's much faster than MYOB).

I am wondering if I am accidentally adding the same payment twice and causing miscalculations of our Sales totals.

Usually: I will make an invoice out to a customer on MYOB (to sales 1), they send payment via online banking, I match the invoice and their deposit in Bank Transactions, that invoice is marked as paid. VERY NICE!

We have an EFTPOS machine in store, and the payments from this are deposited to our bank account daily and therefore show up on our banking transactions. Usually, these in-store EFTPOS purchases are separate from the MYOB invoices we send out so there is no invoice on MYOB to allocate them to. Instead I allocate these deposit amounts to Sales 2.
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My concern is when a customer I have sent an MYOB invoice comes to pay in-shop using our EFTPOS. I then come to MYOB and mark the invoice as paid using the "Enter payment" button. I make the invoice the same, but they do not have a matching bank transaction. Instead, their money will be deposited as a daily amount included with all other EFTPOS transactions for the day. As I said, when assigning bank transactions, I put all these EFTPOS deposits into (Sales 2) . I cannot allocated a portion of the EFTPOS deposit to their MYOB invoice because I have no other invoices on MYOB to allocate the remaining amount to (the remaining EFTPOS payments are invoiced using a paper system).

For example:
I make an invoice for $100 and assign to Sales 1. Later that day, the customer pays in our shop via EFTPOS. I go to MYOB and manually enter the EFTPOS payment and the invoice is paid.

The next day when on MYOB Banking Transactions, I assign a deposited amount of $500 from our EFTPOS to sales 2. In this bulk deposit of $500, our customer's $100 purchase is included with any other purchases made via eftpos that day.

Does this mean that overall, $200 from the same customer is being added to our total sales?

If so, how do I fix all the ones I've done this for? and what should I do instead?

 



 

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MYOB Staff Post AliK607
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MYOB Staff Post
MYOB Staff Post

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Re: Are our payments being counted twice?

I am wondering if I am accidentally adding the same payment twice and causing miscalculations of our Sales totals.

YES

Usually: I will make an invoice out to a customer on MYOB (to sales 1), they send payment via online banking, I match the invoice and their deposit in Bank Transactions, that invoice is marked as paid. VERY NICE!

At this point you have created a Customer Payment Transaction (allocates to Sales 1 as per your invoice)

We have an EFTPOS machine in store, and the payments from this are deposited to our bank account daily and therefore show up on our banking transactions. Usually, these in-store EFTPOS purchases are separate from the MYOB invoices we send out so there is no invoice on MYOB to allocate them to. Instead I allocate these deposit amounts to Sales 2.

At this point by allocating the whole amount to Sales 2, you have created a Receive Money Transaction which will infact double your income going into the Sales 2 income account. (because you have already created a customer payment transaction hitting the sales 2 account above when applying a payment to an invoice)
________________________________________________________________________________________

My concern is when a customer I have sent an MYOB invoice comes to pay in-shop using our EFTPOS. I then come to MYOB and mark the invoice as paid using the "Enter payment" button. I make the invoice the same, but they do not have a matching bank transaction. Instead, their money will be deposited as a daily amount included with all other EFTPOS transactions for the day. As I said, when assigning bank transactions, I put all these EFTPOS deposits into (Sales 2) . I cannot allocated a portion of the EFTPOS deposit to their MYOB invoice because I have no other invoices on MYOB to allocate the remaining amount to (the remaining EFTPOS payments are invoiced using a paper system).

This is where you need to manually create the Take/customer payment transaction against the open invoice to close it off. Also for the remaining amount you need to manually create a recieve money transaction. So the customer payment and recieve money transaction can both be MATCHED to the bank feed transaction coming into your file.

For example:
I make an invoice for $100 and assign to Sales 1. Later that day, the customer pays in our shop via EFTPOS. I go to MYOB and manually enter the EFTPOS payment and the invoice is paid.

The next day when on MYOB Banking Transactions, I assign a deposited amount of $500 from our EFTPOS to sales 2. In this bulk deposit of $500, our customer's $100 purchase is included with any other purchases made via eftpos that day.

At this stage do not allocate the whole lot to Sales 2. (as this will simply create a recieve money transaction of 500$ into the SAles 2 account) But rather you will need to:

1- manually create a take payment/customer payment transaction to close off the open invoice for $100 (creates a CP****** reference number)

2- Then under Banking > Recieve Money, create a recieve money transaction for the remaining $400 and allocate it to Sales 2. (creates a DP******* reference number)

3- Then you will need to go to Banking > Bank Transactions, find the bank feed transaction sitting there for 500$, click the arrow on the far right to expand your allocation options > select Match Transaction > Filter by 'All transactions' (as seen in the image below) and you should be able to tick off the CP***** customer payment transaction and the DP******* recieve money transaction and click 'save' to complete your reconciliation for this bank feed transaction)


Regards
Ali
MYOB Client Support
filter by all.PNG
Contributing User Xpertnz
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Re: Are our payments being counted twice?

Thanks a lot!

For an easier way to find all the invoices I've done this for, would they be all be marked "unreconciled" in transaction history?

Also, there was 2 times in the past when our bank feed was not updating. During these times, I manually marked these as paid referencing our bank account.

These ones are now "unreconciled" as well since there was no bank feed transaction to allocate. Is there a way to add them properly as well?

Thank you!

MYOB Staff Post AliK607
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Re: Are our payments being counted twice?

For an easier way to find all the invoices I've done this for, would they be all be marked "unreconciled" in transaction history?

The invoices themselves wont show under Banking > Transaction History as this screen is dedicated to what hits your bank account. However the manual customer payments CP****** you have taken on open invoices to close them off will show here as unreconciled. (e.g. the 100$ customer payment)


Also the 500$, Sales 2, recieve money will show here as 'auto reconciled' if you havent already deleted it/unallocated it from the bank transaction screen.

Also, there was 2 times in the past when our bank feed was not updating. During these times, I manually marked these as paid referencing our bank account.

Well done. This is the correct procedure to follow in the absence of bank feeds in the file.

These ones are now "unreconciled" as well since there was no bank feed transaction to allocate. Is there a way to add them properly as well?

If a bank feed is yet to be matched or allocated, the bank feed transaction will show as "Allocate me". This will disappear once you have properly matched the bank feed transaction as per my last post. (see image the below to get an idea of how bank feeds that are yet to be addressed look like in the transaction history window)


Regards
Ali
MYOB Client Support
allocate me.PNG
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