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Our supplier is also a customer. At the end of the month we always owe them. They credit our account for invoices we have charged them. How do I set this up to show bills received from them, credits received from them and invoices we send supplier and payment we make each month for the balance owing?
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Generally, when you have a supplier that is also a customer you would have a contra deal set up situation happening to reflect those transactions. I've included the recommended set up and process for that:
Setup: Create a holding/contra bank account
Processing: Dealing with the sales/purchases
What the above process will do is place the payment amount of those sales into a holding account and then use that value to make payment on the purchases.