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- Created by admin, last modified by AdrianC on Dec 06, 2016
https://help.myob.com/wiki/x/0gic
RetailManager
ANSWER ID:9383
To record a trade-in sale, you first need to create a new payment type of "Trade In", then enter the traded in item into stock.
This page contains Australian-specific information, so NZ users should substitute this with the NZ equivalent. For example, the GST code FRE should be replaced with N-T. If unsure, check with your accounting advisor or the IRD.
1. Create a new payment type
- Go to the Setup menu and choose Options then click Payment Types.
- Click Create then enter the name of the new Payment Type as 'Trade In'. See our example below.
- Click OK then click Apply then OK.
- A message will appear telling you that your changes will only take place the next time you open a transaction window. Click OK.
- Go to the Transactions menu and choose Sales.
- Enter your Staff number and the Customer number from whom you are accepting the trade-in for the sale.
- Record a sale for the item that the customer is buying. If they are purchasing an item worth $899 item and receiving a $200 trade in, the payment details would be $699 against the Cash, EFTPOS, or Cheque Payment Type (as applicable), and $200 against the Trade In Payment Type. See our example below.
2. Enter the traded in item into stock
- Go to the Information menu and choose Supplier.
- Press F5 and create a new Supplier called 'Trade In'.
- Select the option Supplier Registered for GST.
- Enter an ABN of 11111111111111 for this supplier.
- Click Commit.
- Go to the Transaction menu and choose Goods Received.
- Enter your Staff number enter the "Trade In" Supplier created above.
- Purchase the item the client is trading in. If it is an item that you do not normally stock, you will have to create the item in the Goods Received window. See our example below.
FAQs
How is my MYOB accounting software affected by recording a trade-in sale?
- In your MYOB accounting software, create a new asset account called 'Trade In' and a new supplier card also named 'Trade In'.
- Close your MYOB accounting software and open RetailManager.
- Create a new export group called 'Trade Ins' and link it to the 'Trade Ins' Payment Type. The account number you would link this export group to would be the 'Trade Ins' asset account number you just created in your MYOB accounting software. Please refer to your Retail Manager user guide for detailed steps on setting up an export group. See our example below.
- When you run the Till Balance report at the end of the day, it will show an amount ($100 in above example) against the 'Trade In' Payment type.
- Perform a Cash Up and count this amount against 'Trade In'.
- When you perform the Accounting Export, the Goods Received you created for the traded in item from the customer will come across to your MYOB accounting software as a purchase.
- Instead of using the 'General Cheque Account' or 'Bank Account' to 'Pay Bills', click the drop down arrow and change the 'Pay from Account' to your 'Trade ins' asset account.
- The 'Trade ins' asset account should always revert back to a $0 balance after you 'Pay Bills'.
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