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Q: Handling prepayments (retainers) in MYOB ( No Answer,   0 Comments )
Subject: Handling prepayments (retainers) in MYOB
Category: Business and Money > Accounting
Asked by: dkellam-ga
List Price: $10.00
Posted: 25 Sep 2006 01:25 PDT
Expires: 25 Oct 2006 01:25 PDT
Question ID: 768168
Hi, I run an IT Consulting company and am using MYOB Accounting Plus
(v15). I need to request a prepayment from my client for web
development services. I can't figure out how to do this in MYOB.

In MYOB help, it says the following:
There are two separate procedures you must follow to track work on
retainer using a customer credit:
   1. When the customer makes a payment to serve as a retainer, record
the retainer amount. (To record a retainer payment from a customer as
an invoice)
   2. When there is a customer credit that can be applied to the
retainer balance, follow To apply a customer credit to a retainer

The trouble is, I don't know how to produce a document through MYOB
that requests such a retainer, and serves as a formal record thereof.
The info above assumes I have already been paid the retainer. I want
to bill the client for the retainer amount, then 'work it off'.

I don't want to have to enter the retainer amount as an item/service,
as this will produce deceptive income amounts. The retainer really is
a liability until it is worked off.

How can you do the above in MYOB? Or must I do one of:
* handle the process outside of MYOB
* invoice as a service/item

What's the best way to do this? I've studied an accounting unit but am
learning MYOB as I go.


David Kellam
There is no answer at this time.

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