Create two new accounts in your MYOB accounting software 

1. Go to the Accounts command centre and click Accounts List.
2. Click the Asset tab.
3. Click New.
4. Select the Bank option in the Type field.
5. Give the new account a number and name it 'Finance'.
6. Repeat steps 2 - 4 for another account named 'Interest'.

Create two new payment types in RetailManager

1. Go to the Setup menu and choose Options, then click Payment Type.
2. Click Create.
3. Enter 'Finance' or the name of your Finance company as the new payment type then click OK.
4. Repeat steps 2 and 3 and create a payment type called 'Interest'.
5. Click Apply then OK.
6. A message will appear informing you that the changes that you have just applied will only take place the next time you open a sales screen. Click OK.

Create banking export groups for 'finance' and 'interest' in RetailManager

1. Go to the Setup menu and choose Options then click Accounting.
2. Click the Banking Export tab.
3. Click Create.
4. Enter the name of your Banking Export Group in the Name field and the corresponding account number in the Account field. In this example, we will use 'Finance' export group and 11240 as the account to export to. See our example below.
   
5. Click Ok. 'Finance' will appear highlighted in the Payment Groups panel.
6. Locate and click the 'Finance' type in the Available Payment Types field and click the black arrow button that is pointing to the left of the screen. This will associate the 'Finance' payment type with the 'Finance' export group that we created.
7. Repeat steps 3 - 6 for the 'Interest' payment type.
8. Click Apply then click OK.

Process the sale in RetailManager

1. Go to the Transaction menu and choose Sales.
2. Enter your Staff number and the Customer number.
3. Enter the item(s) your customer is purchasing.
4. Use the Account payment type and commit the transaction.

Record the payments

In most finance contracts, the finance company sends the business regular payments on behalf of the customer.

1. Go to the Transaction menu and choose Debtor Payments.
2. Enter your Staff number and the Customer number.
3. Select the outstanding invoice and enter the amount of the payment.
4. Go to the Payment Details in the bottom left hand corner and select the 'Finance' payment type.
5. Close off the account sale by entering in the value of the interest expense you incur against the 'Interest' payment type.
   For example: An account sale was processed for a total value of $1798. You receive a payment from the finance company for $900. You will need to allocate the $1600 against the 'Finance' payment type and the balance ($198) against the Interest payment type and then commit the debtor payment.
   

When you export from RetailManager and import into your MYOB accounting software, $1600 dollars will be recorded to the 'Finance' clearing account for the payment made by the finance company. Write a cheque from the 'Finance' account to the bank account when you are physically depositing the payment from the finance company into your bank account. The interest expense you have incurred will be allocated to the 'Interest' clearing account in your MYOB accounting package. Write a cheque from the clearing account and allocate it to the expense account. The total income recorded will be for $1798, total expense $198 (interest), and payment received ($1600).