Account Keeping Plus – Administration, Bookkeeping, Compliance News & Tips MYOB Reckon Quickbooks Xero Software TrainingSmall Business

Making Business Books and Accounting Come Alive! MYOB Reckon Xero

In MYOB, how to track shared payments on bills

Leave a comment


A recent query asked about handing the sale of a business where it is part paid for and the new buyer will buy half the new products required, which will come off the balance he owes.

Now, how to track paying a half share in a bill when another business who is buying your business still owes you the balance and you want to see a record?

In MYOB create a new asset account, name it in the name of the new owner, and make it account type Bank.

When you pay your half, use the bank account you use to pay. Record.

Now change the “Pay From Accoun”t to the New Owner account and “pay” the rest of the bill from there. This gives you a record of the new owner’s payments, and can be used to reconcile agreed final payments due.

Advertisements

Author: accountkeepingplus

Administration, bookkeeping and compliance for small business, and Self-Managed Super Funds (SMSF) Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, Free support MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s