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.