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I have recently taken over doing the books for my partner, and the previous book keeper has entered both company credit cards (even though they are for different people) under one general account named master card.
how do i continue, it is my understanding that each Credit Card should hold its own liability account, and be reconciled accordingly.
But my concern is, ... if I continue with her past way of entering both cards and marking them both off as one account, we will not be able to do individual reports for each person's spending and usage of each card.
Can anyone assist in how I should move forward?
Solved! Go to Solution.
Are the two credit cards linked to the one company credit card account, or are they two completely separate accounts? I would think the answer to that would guide you on what to do.
If they are the one account you probably want to stick with entering them under the one MYOB liability account just so reconciliation is easy and accurate. If you need to track individual expenditure you could use the job function to do this and run those reports to get the info you need.
But if they are two separate cards then go with your instinct and start up a new liability account for one of the cards and begin entering its transactions here. If they are two separate cards I wonder how the previous bookkeeper ever was able to reconcile the two accounts!
Hope that helps.
they are two different accounts and under two different names, so i'll set them up from scratch.