Forum Discussion

Megan89's avatar
Megan89
8 months ago

Purchases and Returns

Firstly, I have a bill that I am unable to pay via direct deposit (which is my only option). So when someone pays personally for something on behalf of the club, how do i record the bill and the refu...
  • Princess_R's avatar
    Princess_R
    8 months ago

    Hi Megan89,

     

    Thanks for your post and for waiting patiently for a response.

     

    When someone pays for something on behalf of the club, you can record the bill as usual and choose the bank or cash account they used. This keeps track of the expenses owed by the club. To reimburse the person, create a Spend Money transaction from the club's account, categorizing it as a refund.

     

    For a sponsorship contribution, record the payment against the invoice, making sure it's categorized correctly as income.

     

    Regarding PayPal accounts for business, opinions can vary. Some find it convenient due to its widespread use and ease of transaction, while others are cautious due to potential fees and security considerations. 

     

    While I can provide some general information, it's recommended that you consult with a professional accountant or financial advisor for advice tailored to your specific situation.

     

    Feel free to create a new post again if you need further assistance.

     

    If my response has answered your inquiry, please click "Accept as Solution" to help other users find this information. 

     

    Cheers, 

    Princess

Princess_R's avatar
Princess_R
MYOB Moderator
8 months ago

Hi Megan89,

 

Thanks for your post and for waiting patiently for a response.

 

When someone pays for something on behalf of the club, you can record the bill as usual and choose the bank or cash account they used. This keeps track of the expenses owed by the club. To reimburse the person, create a Spend Money transaction from the club's account, categorizing it as a refund.

 

For a sponsorship contribution, record the payment against the invoice, making sure it's categorized correctly as income.

 

Regarding PayPal accounts for business, opinions can vary. Some find it convenient due to its widespread use and ease of transaction, while others are cautious due to potential fees and security considerations. 

 

While I can provide some general information, it's recommended that you consult with a professional accountant or financial advisor for advice tailored to your specific situation.

 

Feel free to create a new post again if you need further assistance.

 

If my response has answered your inquiry, please click "Accept as Solution" to help other users find this information. 

 

Cheers, 

Princess

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