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New Company set up but invoices paid to an old account

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Contributing Cover User Conciv
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New Company set up but invoices paid to an old account

Hi,

 

I am setting up a new company from the 1st of July and I have a number of transactions that were paid into a private account, or paid from a private account that isn't a part of the new company - but still need to be entered.

 

I have been able to handle Sales in that I created a Sales invoice to the "Owners contribution" account for the invoices that were raised prior to the new company under a different ABN, but were paid to the new company account.

 

The problem that I have is there is an invoice entered into the new company that has been paid to the old company account (that isn't set up in MYOB).

 

I tried to enter the payment to the same account "Owners Contribution" but it only lists bank account's in the 'received to' area.

 

What is the best way to enter receipts and payments made from the Personal Account into the New Company set up?

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Ultimate Partner ronatbas
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Re: New Company set up but invoices paid to an old account

@Conciv

 

If you go to you accounts list and click on the arrow beside the Owners Contribution Account, then change the type from Other Liability to Credit Card you will find that you can both receive and spend money from that account.

Ron B
BAS Group
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info@basgroup.com.au
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Contributing Cover User Conciv
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Re: New Company set up but invoices paid to an old account

As there has already been an entry to the Owners Contribution Account I am not able to change it's type?

Ultimate Partner ronatbas
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Re: New Company set up but invoices paid to an old account

@Conciv

 

Sorry I did not notice the Essentials tag. I am not the best one to answer Essentials questions but @CloverQ should be able to help.

Ron B
BAS Group
03 95588477

info@basgroup.com.au
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MYOB Moderator Steven_M
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Re: New Company set up but invoices paid to an old account

Hi @Conciv

 

Great to see that @ronatbas was able to offer his assistance.


For an account to appear in the "Into account" and "From account" account option in the relevant windows the account type does need to be set to be Credit Card (or Bank).  Normally you can change the type of an account by selecting the Business Name (top right)>>Accounts Lists and Edit account. However once a transaction has been recorded to that account you are unable to make changes to the type of that account.

 

What I would be doing is creating a Clearing or Contra account*. This way when you need to record a transaction that needs to go to "Owners Contribution" account you would record a transaction to that Contra account. Once that transaction has been recorded you can do Banking>>Spend Money (or Receive Money) transaction from the Contra account to that Owners Contribution account. For example say you have a customer pay you would go to Sales>>Take Payments>>Select the  Into Account to be that Contra account and process the transaction as per normal. You would then do a separate Banking>>Spend Money transaction from the Contra account with the Allocate to account being that Owners Contribution account. By doing it this way it will transfer the funds from the Contra account to that required Owners Contribution account.

Do let us know how you get on and if you require further assistance.

*Go to your Business Name (top right)>>Accounts Lists and Add accounts. Add in a new bank account called "Clearing" or "Contra".

Kind regards,
Steven

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Contributing Cover User Conciv
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Re: New Company set up but invoices paid to an old account

Just a quick question re this.

 

I have created the 'Contra/Clearing Account' as a Bank Account.

 

I have receipted the payment against the supplier to the Contra Account.

 

When I go to do this bit as per below - "You would then do a separate Banking>>Spend Money transaction from the Contra account with the Allocate to account being that Owners Contribution account"

 

The allocate to accounts only come up with Suppliers - do I also need to set up the Owner as a supplier??

MYOB Moderator Steven_M
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Re: New Company set up but invoices paid to an old account

Hi @Conciv

 

During the Spend Money transaction you will be able to select a range of your accounts using the Allocate to drop list. Generally Expense accounts are listed underneath the Income accounts.

If you are referring to the To field i.e. between the Pay from and Notes fields this is an option field for Spend Money transactions is not required. If you would like to have a supplier attached (for auditing purposes) you can create one, if needed, but its not a requirement.

Kind regards,
Steven

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