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Invoice payments and refunds for MYOB integrations

Overview

  • Invoice payments are synced with a standard payment application through a bank account.
  • A negative invoice is created for refunds and recorded in a payment account.
  • Generate MYOB’s GST report or BAS report seamlessly without manual adjustments.

Standard payment application for invoices

  • Invoice payments will be synced and received through a bank account.
  • The integration will use a single payment account (Undeposited Funds) for all transactions on invoices, acting as a temporary holding account.
  • It will then generate a journal entry to clear this account and allocate payments based on their designated mappings.
  • One journal entry will be created daily to account for both sales and refunds.

Standard payment application for refunds

  • For refunds, a negative invoice will be automatically created to reverse a previous sales transaction.
  • The integration will record the refund in the specified payment account according to the designated mapping. This ensures accurate tracking and reconciliation of refunds within the system.
  • One journal entry will be created daily to account for both sales and refunds.

GST and BAS reports

  • With this method of syncing invoices and refunds, you can use MYOB’s GST and BAS reports without having to make manual adjustments.
  • Sales data will not be filtered out regardless of whether you’re using the cash basis or accrual accounting method.
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