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Explanation of Account Adjustments MYOB

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