allocating Bank transactions

Jennycheer
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Jennycheer

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allocating Bank transactions

Hi

 

looking for some help

 

We receive a payment from a credit company that deducts the fee from the income.

For example $30 from client and deduction of $2.20 in fees total received 27.80

How can I allocate the Bank transaction to 30 CP on the invoice and the 2.20 SP on the bill (mYOB Essentials

 

thanks

 

Jenny

2 REPLIES
Super Partner PaulBihet
624 Posts
Super Partner
Australia
PaulBihet
Super Partner

624Posts

242Kudos

92Solutions

Re: allocating Bank transactions

Hi Jenny

2 step process 

 

1. receive $30 payment to an account called undeposited funds rather than you bank account 

 

2. Go to banking receive money total amount $27.80 from undeposited funds $30 & minus $2.20 on the second line Allocate to fees charged

Paul Bihet MYOB Certified Consultant
(Bookkeeper Support & Training)
MYOB Sales, Installation & Support
B.A.S. Service Provider
Phone (08) 7131 1116
Mobile 0413 313 403
Fax (08) 7200 7715
Email: paul@mysupportman.com.au
Super Partner PaulBihet
624 Posts
Super Partner
Australia
PaulBihet
Super Partner

624Posts

242Kudos

92Solutions

Re: allocating Bank transactions

Note

Further to my previous post, if there is gst on the charge deduction you should change step 2 to

2. Spend money from the Undeposited funds account total $30 allocated to $27.80 to the bank account and $2.20 on the next line to fees charged with a gst tax code. This will ensure the tax reported is reported as an expense rather then reducing sales 

Paul Bihet MYOB Certified Consultant
(Bookkeeper Support & Training)
MYOB Sales, Installation & Support
B.A.S. Service Provider
Phone (08) 7131 1116
Mobile 0413 313 403
Fax (08) 7200 7715
Email: paul@mysupportman.com.au
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