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No financial transactions created for non stock item purchase returns

MYOB Advanced handles Purchase Returns for non stock items differently to that of stock items. The main difference is that the purchase return of a non stock item does not create a financial transaction whereas the stock item will.

Below is the purchase order flow and the financial transactions created at each step.

Step 1: Raise and release the purchase order.

No transactions are created at this step.

Step 2: Receipt the non stock item through a Purchase Order Receipt

DebitCredit
Inventory or Expense AccountPO Accrual (set by Reason Code)

Step 3: Return the non stock item through a Purchase Order Return

No transactions are created at this step.

Step 4: Enter and release the AP Invoice

DebitCredit
PO AccrualAP Trade
GST Paid

Step 5: Enter and release the AP Credit Memo (Debit Adjustment)

DebitCredit
AP TradeInventory or Expense Account

GST Paid

If you are returning items back to the supplier and the supplier will resupply the goods you will need to check your inventory or expense account and if required make the necessary adjustments if incorrect.

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