Supplier deposits New EA DRAFT

A deposit is a payment for goods or services not yet delivered. This means if you make a payment against a purchase order, it's considered a deposit.

How MYOB treats supplier deposits

<this is taken from the AR help topic - presumably New EA treats deposits the same way?>

Because no goods or services have changed hands, MYOB treats deposits differently to other payments. A supplier deposit is typically posted to an asset account because it's not yet considered a payment to the supplier. When the purchase order is converted to a bill, the deposit is transferred from the asset account to your trade creditors account.

To be able to apply deposits to purchase orders, you'll need to activate a preference in MYOB and specify the asset account to use for those deposits. Go to the Accounting menu > Manage linked accounts > Purchases tab > I track deposits paid to suppliers.

 Tell me more about linked accounts.

Recording a supplier deposit

If the deposit is paid when the order is created, enter the deposit amount in the Amount paid ($) field.

If the deposit is paid after the order is created (and before it's converted to a bill) record it in a similar way to other supplier payments (Purchases > Create supplier payment).

Select the option Show purchase orders and enter the deposit amount against the purchase order.

Deleting a deposit

Regardless of whether the order has been converted to a bill, it seems you can simply delete an order payment (deposit) straight from the order/bill. Is this correct? (open order/bill > activity history > open the payment > Delete)

It wasn't this simple in AccountRight: https://help.myob.com/wiki/x/i4eO

  Supplier deposit FAQs