allocate payments for invoices where part of the payment was drawn out before banking

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allocate payments for invoices where part of the payment was drawn out before banking

I am trying to allocate a bank transation that was banked, that was for customer invoice payment received less some amount that was taken as drawings.  So not all the customer payment was banked.  

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Re: allocate payments for invoices where part of the payment was drawn out before banking

Hi @francook 

 

There’s two ways you could handle this situation, depending on your preference and potentially the advice of your accountant.

 

The first would be to use a clearing account, different to your main bank account. This would allow you to receive the full amount of the payment and then record the drawings to the same account. This would give you the amount that you could then transfer to match to the bank feeds transaction.

 

Alternatively if you use MYOB Essentials you can match the bank feeds transaction to multiple transactions. This would also involve recording both the payment and drawings to the main account, to net off to the correct amount and match both parts to the bank feed transaction

Regards,
Neil

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