Asset Account for Tracking Receivables

The Asset Account for Tracking Receivables field in the Sales Linked Accounts window allows you to enter an asset account that tracks the money that people owe you for sales. This required account typically is usually named "Sales" or something similar.

In MYOB AccountEdge documentation, this account is referred to as your linked receivables account.

This linked account summarizes all the money your customers owe you; it appears on your balance sheet and other financial reports. The amounts your customers owe your business for purchases they've made on account are considered assets. This account is debited (increased) whenever you enter sales on account using the Sales window. This account is credited (decreased) whenever you enter payments from customers using the Receive Payments window.

Note that you can use the Company Data Auditor to compare the total of your customer invoices with the linked receivables account balance.

Bank Account for Customer Receipts

The Bank Account for Customer Receipts field in the Linked Accounts window allows you to enter an asset account that tracks the money you've received from people for sales, and from which you write refund checks to customers. This required account is usually named "Checking Account" or something similar.

In MYOB AccountEdge documentation, this account is referred to as your receivables bank account.

Depending on your choices in the Preferences window, this account may appear as a default entry for the transactions you enter in the Receive Payments window. If you like, you can choose another bank account, or you can indicate that the funds aren't ready to be deposited. When you enter a payment from a customer, this account (or the bank account you select instead of it) is debited (increased) by the amount of the transaction, and your linked Asset Account for Tracking Receivables is credited (decreased).

The account you select here must be a bank or credit card account type.

I charge freight on sales
-- Income Account for Freight

If you mark I charge freight on sales, the Income Account for Freight field appears. This field allows you to enter an income account that tracks income amounts you collect for freight when you enter sales using the Sales window.

In MYOB AccountEdge documentation, this account is referred to as your freight collected account.

This account enables you to see how much of your gross sales amount is actually goods or services, and how much is payment for shipping. This account appears on the Trial Balance, the Profit and Loss Statement and other reports.

If you don't charge freight, you can skip this account.

I track deposits collected from customers
-- Liability Account for Customer Deposits

If you mark I track deposits collected from customers, the Liability Account for Customer Deposits field appears. This field allows you to enter a liability account that tracks deposit amounts you collect for orders entered in the Sales window.

In MYOB AccountEdge documentation, this account is referred to as your linked customer deposits account.

The amount is considered a liability for your company until the sale actually is made, because all or a portion of the deposit will have to be repaid to the customer if the sales isn't made. This account appears on the Trial Balance, the Profit and Loss Statement and other reports.

If you don't take deposits from your customers, you can skip this account.

I give discounts for early payments
-- Expense or Cost of Sales Account for Discounts

If you mark I give discounts for early payments, the Expense or Cost of Sales Account for Discounts field appears. This field allows you to enter an account that tracks discount amounts that you've provided to your customers for paying their bills early. (The type of account you select in this field depends upon what purpose you consider discounts serve in your business. If you think discounts increase the cost of making a sale, enter a cost of sales account here. If you think discounts are promotional expenses, enter an expense account here.)

In MYOB AccountEdge documentation, this account is referred to as your linked customer discounts account.

When you enter payments using the Receive Payments window, the discount amount the customer is eligible for appears as a default entry, but you can enter a larger or smaller amount, if necessary. The actual discount amount you enter is tracked using the Expense or Cost of Sales Account for Discounts.

If you don't offer early-payment discounts to your customers, you can skip this account.

I assess charges for late payment
-- Income Account for Late Charges

If you mark I assess charges for late payment, the Income Account for Late Charges field appears. This field allows you to enter an income account that tracks finance charge amounts that you've collected from customers who haven't paid their bills on time.

In MYOB AccountEdge documentation, this account is referred to as your linked customer late charges account.

This account is used to track the fees you collect when a customer's payment is past due, or if you offer revolving credit and charge a finance fee on unpaid balances. This account is updated when you enter an amount in the Finance Charge field in the Receive Payments window.

If you don't collect late fees or finance charges from your customers, you can skip this account.

Terms button

Click this button to open the Credit Terms window, where you can create a set of default credit terms for all customers in the MYOB AccountEdge system.

When you create a set of default terms using the Credit Terms window here, the terms you select will be automatically applied to every new customer record you add to the Card File. (The terms of existing customers will remain the same.) If you wish, you can change the terms assigned to an individual customer in the Selling Details view of the Card Information window.

You also can use this window to specify the tax code that applies most often to your customers; this tax code will appear as the default entry for all new customer records you add to the Card File. (As with terms, the tax codes you've assigned to existing customers will remain the same.) If you wish, you can change the tax code assigned to an individual customer in the Selling Details view of the Card Information window.

OK button

Click this button to accept the entries you've made in this window.