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MYOB Essentials

Items: Liability account selection for Buying details

Cover User

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2 Posts
Cover User

Our company hires furniture, and when we do we charge our customers a security deposit, which is held in trust and refunded to the client once our hire itmes are returned in good order. 

 

We have an item set up for the hire package and an item set up for security deposit- this security deposit item doesn't have GST included, and currently is allocated to other income. However our accountant has advised this is being handled incorrectly as we are getting over inflatted income figures as all of these deposits are allocating to income. Accountant would rather be allocated as a liability however when creating an item only income options are available.  PLEASE INCLUDE MORE OPTIONS

 

"Security Deposit"

Current Status: Done
Last Changed: June

Hi Everyone

 

The Account for tracking purchases (or sales) has been expanded to include all accounts including liability-based accounts.

 

Note: This change is available for the new MYOB Essentials platform. Existing (original) MYOB Essentials platform users will be migrated across to the new platform in due course based on the complexity of their MYOB Essentials product level. At the time of posting, migrations are already underway.

1 Comment
Steven_M
MYOB Moderator
42,377 Posts
MYOB Moderator

Hi Everyone

 

The Account for tracking purchases (or sales) has been expanded to include all accounts including liability-based accounts.

 

Note: This change is available for the new MYOB Essentials platform. Existing (original) MYOB Essentials platform users will be migrated across to the new platform in due course based on the complexity of their MYOB Essentials product level. At the time of posting, migrations are already underway.