Hi,

I have paid a vendor by wire. The payment is for more than we have been invoiced. How do I enter this into MYOB, and apply it towards all the open bills I have with that vendor, and show the extra as a credit on file with the vendor.

I also have the bank assessed wire fee with this transaction. My bank lumps the two together on our statements. So if the wire to the supplier is for 40,000, it shows on our bank statement as a 40,025 transaction.

If I use Pay Bills, it won't let me enter the extra line expensing the bank fee, and it won't let me enter the full amounts towards the open bills, and then a new line toward the AP account for that vendor.

How are others handling overpayments to vendors, and expenses which are on the transaction as the payment to the vendor (bank fees for example.)

Thanks for any help. I can do this easily in Quickbooks, but we are new to MYOB.

In a "Pay Bills" for the vendor do a "pay all" to populate the "amount applied" column.
Now choose one invoice (maybe the biggest or the most recent) and click in the "amount applied" column for that invoice. Manually enter the amount that will bring the total paid to the 40,000 amount. Now click in the "finance charge" box near the bottom right and enter the 25 bank transfer fee. Now click the check amount box up near the date. It should now total the 40,025.
Click record. MYOB will ask if you really want to create a debit memo. Click OK.

You have now paid the current invoices and included the fee. There is now a debit for the remainder that can be applied to future invoices through the Purchase Register.


Dan

Hi Dan,

Thanks for the reply.

I have two questions about your method.

1) How do I apply the resulting credit from the manual "Amount Applied" adjustment to any future bills in order to change their status to closed?

2) Which expense account does the finance charge box hit? What if I make a transaction to a vendor, 35,000 goes toward AP, 25 is for a bank fee, and 5,000 was for something outside of the standard vendor/client relations? Or how do I enter multiple expenses, such as 20 for a bank fee, and 5 for finance charge?

Hi Dan,

The finance charge option definitely does not work. Anything you enter into that box is hitting Accounts Payable for that Vendor.

Go to the Setup menu: Linked Accounts: Purchase Accounts.
Make sure "I pay charges for late payments" is checked on and is assigned to an expense account (like a "Interest/Transfer Fees" account).


Dan