You have the choice of recording Receive Money transactions directly into an account or of grouping Receive Money transactions into the undeposited funds account.
To learn more about which method you wish to use to deposit your receipts, see:
Note: If you've set up a cash drawer account using a previous MYOB product
If you've set up an account, using a previous MYOB product, as a cash drawer to receive all of your customer receipts, you can now choose to group all of your customer receipts in an undeposited funds account and use the Record Bank Deposit window to deposit those receipts into other accounts. |
Mark the VAT Inclusive check box if the amount you want to enter for the line items of the Receive Money transaction already includes the VAT amount. For example, if the amount of a line item you want to enter is £500.00 and the £500.00 amount already includes VAT, you'll mark the VAT Inclusive check box. As a result of marking the VAT Inclusive check box, the total amount of the Receive Money transaction is £500.00. (The GST amount included in the £500.00 is £74.47.)
Once you mark the VAT Inclusive check box, it remains marked until the end of your session or until you change it.
You'll leave the VAT Inclusive check box unmarked if you wish the total amount of the transaction to increase by the VAT amount that is allocated to line items. For example, if the amount of a line item is £500.00 and VAT is charged on the £500.00, the amount of the Receive Money transaction is £87.50, that is, £500.00 for the line item + £87.50 VAT.
Note: Entering transactions in the13th period
To enter a transaction for the 13th period, enter an asterisk (*) in the Date field before you enter the transaction's actual date. |
You can enter information in the Receive Money window that will help you to identify the Receive Money transaction in the future. The Payor field is optional, but you may choose to select a card from the Card File list so the transaction will be appear in the list of all transactions that are linked to the card or you can choose not to use a card.
If you've entered a card in the Payor field and if you've entered payment information for the card in the Card Information window, the payment method will appear automatically. Otherwise, select a payment method if you wish. Use the Details button to access the Applied Payment Details window if you wish to enter the cheque number, for instance, if the Receive Money transaction was made by cheque, or the credit card number and other information if the Receive Money transaction was made using a credit card. If you choose to group your Receive Money transactions in the undeposited funds account, when you're ready to prepare a bank deposit, you can choose to sort the Receive Money transactions by the payment method. For more information about bank deposits, see Preparing a bank deposit of undeposited funds transactions.
Warning: Receive Money transactions can't be used to close invoices
If you've recorded orders or invoices for customers using the Sales Command Centre, in order to make payments to the orders or invoices, you must enter the payment using the Sales Command Centre -- using the Receive Payments window or the Sales Register window. |
The scrolling list in the middle of the Receive Money window is the main area where Receive Money transactions are created. When information is entered in a row in the scrolling list, the row is called a line item on the transaction. You can enter as many line items on a Receive Money transaction as you want. You'll enter the individual amounts that are included in the Receive Money transaction, along with the account or accounts they affect. Typically these are income accounts.
The amount you entered in the Amount Received field in the top half of the window is considered a debit amount, and the amounts you enter in this column are considered credit amounts.
Keep in mind that the amount(s) you apply in the Amount column will accumulate in the Total Allocated field and the Total Allocated amount must equal the amount that appears in the Amount Received field in the top half of the window before you can record the transaction. The Out of Balance amount must be zero before you record.
Choose Recap Transaction from the Edit menu to view the accounting entries that will be made to your financial records when you record the Receive Money transaction.
You can also use the Bank Register window to create Spend Money transaction. See Receiving money in the Bank Register for more information.
Click below for the step-by-step procedure:Creating a Receive Money transaction
To choose a linked account for undeposited funds transactions