In MYOB, how to track shared payments on bills

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.

Categories Bookkeeping, Consulting, MYOB How To

Leave a Reply

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

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

Google photo

You are commenting using your Google 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 )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this:
search previous next tag category expand menu location phone mail time cart zoom edit close