Contact usReceive Money
Purpose The Receive Money module allows an easy way to record the inflow of money into the business, for example when a customer makes a payment.
Procedure
1. Open MYOB
Procedure
1. Open MYOB
2. Click
on the Banking button
3. Click the Receive Money button.
Tip: The short cut key for this is CRTL+D.
Tip: The short cut key for this is CRTL+D.
4. In the deposit to account enter the account that the payment is being made to. Where the payment is made to a bank account this refers to the relevant bank account. When the payment was made in cash select the Petty Cash/Cash on Hand account.
5. Enter the ID Number.
The ID Number is the reference for the payment. The type of payment method determines what you put in ID field. For example:
Cash transactions and ATM withdrawals: Use CHQ/WDL.
Other payments: Use DD to indicate direct deposit unless you are tracking transactions on the individual basis. In this case use the payment reference given by the bank. DD stands for direct deposit.
The ID Number is the reference for the payment. The type of payment method determines what you put in ID field. For example:
Cash transactions and ATM withdrawals: Use CHQ/WDL.
Other payments: Use DD to indicate direct deposit unless you are tracking transactions on the individual basis. In this case use the payment reference given by the bank. DD stands for direct deposit.
6. Enter
the date of the transaction. Where
this is involves cheques this is the date the payment arrived in the account.
7. Enter the name of the paying entity in the Payor field.
In most cases this will be sales unless you specifically want to track an individual sale or you receive money for a transaction that does not involve making a sale.
MYOB prepopulates the memo and payee fields using the information from the card.
In most cases this will be sales unless you specifically want to track an individual sale or you receive money for a transaction that does not involve making a sale.
MYOB prepopulates the memo and payee fields using the information from the card.
8. Enter the amount of the transaction. Where tax inclusive button is ticked ensure this amount includes GST or other relevant taxes in the amount. Conversely, if the tax exclusive button is not ticked do not include the tax.
9. In the memo field enter any information that will help you remember what this payment was for. For example Sales from 1st of November 2012 to 30th of November 2012.
10. Enter the account name(s) for the transaction. This is the category where the recepts are to be classified. In most cases this will be Services Income.
11. Enter the amount for the relevant income account.
11. Enter the amount for the relevant income account.
12. Check the tax code is correct. In most cases the tax code will be correctly entered based on the account name stipulated however be sure to check the invoice.
Tip: Watch out for internal company transfers as these do not attract GST and wrong classification will result in paying unnecessary tax.
13. Where a single payment is received for more than one category, enter one line for each of the categories. In each line enter the relevant amount and tax code.
Tip: Watch out for internal company transfers as these do not attract GST and wrong classification will result in paying unnecessary tax.
13. Where a single payment is received for more than one category, enter one line for each of the categories. In each line enter the relevant amount and tax code.
14. Click the Record button.
