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Receiving funds from a debt collector minus their fees

 
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Ashley



Joined: 22 Jun 2011
Posts: 1

PostPosted: Thu Jun 30, 2011 6:42 am    Post subject: Receiving funds from a debt collector minus their fees Reply with quote

I was wondering how to go about recording money received from a debt collector minus their fees in MYOB. The debt collecting agent collects the money in a trust account, deducts their fees and pays us the difference. At the moment i have set up a trust account in MYOB. I received the funds in each clients card file through the Trust account to clear the money they owed (The account on the invoices is maintenance parts). I then pay the debt collectors invoice through their card file using funds from the trust account (the account on this invoice is debt collecting expenses). Then through spend money. I spend the remaining funds in the trust account (which would be the actual amount sent to us by the debt collector). The trust account would now have a zero balance. I then receive these funds through receive payments into the Cheque account. I'm not sure if this is right and i am a little confused as to which accounts to use in the recording processes. For example at the moment when receiving the payment in each clients card file the invoices account is set as maintenance parts. What would i enter the other transactions under (as in Parts or debt collecting expense) so that the books reflect the> parts income and the debt collecting expense correctly.
If someone could shed some light on this it would be much appreciated.
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