Forum Discussion

DP_588's avatar
DP_588
8 months ago

Service Income recorded as a withdrawal

Hi All,

 

Can somebody explain why sales/income allocated to Service Income (4-1450) is recorded a withdrawal?

 

I run MYOB Business Lite and haven't changed any of the out of the box setting.

 

 

  • Princess_R's avatar
    Princess_R
    MYOB Moderator
    8 months ago

    Hi DP_588,

     

    Thank you for your post, and my apologies for the delay in responding back to your query.

     

    Welcome to the Community forum! I hope you find it a valuable resource.

     

    In this matter, we need to delve deeper into why the transactions are being marked as withdrawals. It's possible that this might be related to how the transactions are being recorded in your file. I would suggest reviewing the transactions. Could you kindly provide screenshots of the invoice transactions for us to further check? Please ensure to remove any confidential information before posting it to the Community forum. Your cooperation is greatly appreciated.

     

    Cheers,

    Princess

    • Princess_R's avatar
      Princess_R
      MYOB Moderator
      8 months ago

      Hi DP_588,

       

      I hope this message finds you well! I'd like to follow up regarding the screenshot of the transactions that were allocated as withdrawals, so I can locate and understand the cause of the problem. Please don't hesitate to reply to this message if you require further assistance.

       

      Cheers,

      Princess

      • Princess_R's avatar
        Princess_R
        MYOB Moderator
        7 months ago

        Hi DP_588,

         

        We have been awaiting an update or response from you regarding our previous correspondence. However, as we have not received any, we will be closing this conversation thread for now. Feel free to reach out to us whenever you need further assistance in the future. We are always here to help.

         

        Cheers,

        Princess

    • DP_588's avatar
      DP_588
      7 months ago

      Hi Princess,

       

      Apologies for the delayed reply, I've been on extended holidays. I've attached the relevant screen shots.

       

      Regards

       

      Dom 

       

       General Journals: 

       

       

      Reconcile Accounts: 

  • Princess_R's avatar
    Princess_R
    MYOB Moderator
    7 months ago

    Hi DP_588,

     

    Thank you for your response.

     

    Apologies for the delayed response. It seems there might be some confusion about why sales/income allocated to Service Income (4-1450) is recorded as a withdrawal. If you check your chart of accounts, you'll find that the balances are correct. This is because the normal balance of an income account is a credit, not a debit. Therefore, it appears as a withdrawal in the reconcile account. The same principle applies when reconciling credit card accounts, which are liability accounts. To reconcile these accounts, you'll need to enter the opposite value of your ending bank statement balance in the closing bank statement balance field.

     

    Please let me know if you need further help.

     

    Cheers,

    Princess