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Hi I had to do a refund which on an overpayment. Subsequently I sent it to the wrong account and it bounced back into our account. I tried to do a reversal but MYOB said something about not being able to do this (maybe as its online - not sure) so I entered it as a payment in and placed in Suspence Account (couldnt enter it on a closed invoice). Now I have written them a cheque which is entered in Suspence Account but am worried when it shows up on this months reconcilitation it wont balance. How should I have handled this. Thanks for your help.
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Sounds like you have a bit going on with that situation. I would just break it down to what transactions are involved:
First up the overpayment from the customer
I couldn't work out if it was an overpayment or they have just paid again (slightly different process but overall the same)
The above will generate a credit note for the customer.
Next up the payment to the incorrect account
You should have the credit note generated with that overpayment. This can be seen in the Sales>>Sales Register>>Returns & Credits window.
The above will generate a withdrawal in your bank account to match the payment to the customer.
Dealing with the bounce back in as it was paid into an incorrect account
The above process will generate a deposit in the bank account which will represent the money coming back into the account
Finally, the correct payment
This would be the same process generating the payment to the incorrect account i.e. process that credit in the Returns & Credits window using the Pay Refund option to the correct account. This will generate a withdrawal in the bank account that will match that payment made to the correct customer's bank account.
In terms of overall reconciling you would have:
2 deposits - the original overpayment and the reversal of the incorrect payment
2 withdrawals - the original payment to the incorrect account and the correct payment to the correct account.