The below outlines various scenarios of account adjustments:
Note!
The above account adjustments should only be used for minor adjustments to customer accounts or rounding adjustments (i.e. where the value of the adjustment is less than $10).
We note that no transaction entries regarding the GST implications of these adjustments are recorded in MYOB.
It is recommended that a Void Mode Account Credit transaction be recorded for any transaction adjustments with a value of greater than $10 so that the GST implications and stock adjustments are recorded appropriately in MYOB.
Account Adjustment – Cash & Accrual
A customer has paid less than the full amount of their owing balance and you would like to remove the outstanding amount to adjust the account/invoice to a zero balance.
|
A/c No. |
Account Name |
A/c Type |
Debit |
Credit |
Tax Code |
|
6-1970 |
Account Adjustments |
Expense |
$0.10 |
|
N-T |
|
1-1200 |
Trade Debtors |
Asset |
|
$0.10 |
N-T |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
|
$0.10 |
$0.10 |
|
Account Adjustment – Cash & Accrual
A customer has paid more than the full amount of their owing balance and you would like to remove the overpaid amount to adjust the account/invoice to a zero balance.
|
A/c No. |
Account Name |
A/c Type |
Debit |
Credit |
Tax Code |
|
1-1200 |
Trade Debtors |
Asset |
$0.10 |
|
N-T |
|
6-1970 |
Account Adjustment |
Expense |
|
$0.10 |
N-T |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
|
$0.10 |
$0.10 |
|
Account Sale - Cash
A Sale of $50.00 Inclusive of GST with the total amount finalised on Account.
|
A/c No. |
Account Name |
A/c Type |
Debit |
Credit |
Tax Code |
|
1-1200 |
Trade Debtors |
Asset |
$50.00 |
|
N-T |
|
4-1100 |
Sales, Food |
Income |
|
$45.45 |
GST |
|
2-1340 |
GST Holding |
Liability |
|
$4.55 |
N-T |
|
|
|
|
|
|
|
|
TOTAL |
|
|
$50.00 |
$50.00 |
|