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MYOB – Set & Limit Customer Credit

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The customer credit limit function within MYOB is useful to ensure you don’t exceed the credit limit for your customers that you are comfortable to give.

If you enter an invoice which will exceed the credit limit set, you will receive a message “This sale will exceed the credit limit by…” You then have the option to either cancel or accept the invoice.
To set a credit limit in MYOB BusinessBasics and earlier versions of MYOB:

>Go to the Card List
>In the Cards List window select a customer card and click Edit
>Click on the Selling Details tab
>Enter the amount in the Credit Limit field.

To enter a credit limit for a customer in MYOB Accounting v15 or Premier v9 and later:

>Click Cards List in the Card File Command Centre
>In the Cards List window select a customer card and click Edit
>Click the Selling Details tab
>Click the Credit Limits & Hold button
>Enter the amount in the Credit Limit field.

Also, you can place a customer on credit hold. Simply click the tick box “Place Customer On Credit Hold”. The words “On Credit Hold” will appear on the customer card in red, next to the customer’s name. If you select this customer when creating an invoice you will receive a message advising that the customer is on credit hold.

You also have the option to receive a warning if the credit limit is exceeded when creating an invoice or even prevent the sale from being processed until an override password is entered. To select this option:

>Ensure you are logged into your company file as the Administrator user
>Select Setup from the menu
>Click on Preferences
>Click on the Sales tab
>Select the last preference “If credit limit is exceeded on a sale…”
>select either the “Warn and Continue” or “Prevent Unless Overridden” option. If you select the “Prevent Unless Overridden” option, then a window will display allowing you to enter a suitable password.

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Author: accountkeepingplus

Administration, bookkeeping and compliance for small business, 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.

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