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

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