Setting up a credit card in AccountRight Plus

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JillianK
2 Posts
Cover User
Australia
Solved: Go to Solution

Setting up a credit card in AccountRight Plus

Hello

 

We run a plumbing company and we recently obtained two credit cards from two different lenders with different credit limits.  We are using these credit cards to pay for plumbing gear etc.  Firstly, I need to know the best way to set up these two credit cards in AccountRight Plus.  Secondly, once we have used the credit card to pay for Plumbing gear say from Reece, how do I enter these transactions into MYOB in preparation for the BAS. 

2 REPLIES
MYOB Moderator Steven_M
19,819 Posts
MYOB Moderator
New Zealand
Accepted Solution Solved Solution

Re: Setting up a credit card in AccountRight Plus

Hi @JillianK

 

Welcome to the MYOB Community Forum, I hope you find it a wealth of knowledge


Generally you would setup a credit card up as a liability account in your company file. This can be done via Accounts>>Accounts Lists>>Selecting the Liability tab and selecting New. You would need to give the account a number, a name and set the account type to be Credit Card.

Once that account has been setup you would be able to use that particular account in the Pay from Account list on Pay Bills and Spend Money transactions. For example say I spent $100 on the credit card, to record this transaction in AccountRight I would go to Banking>>Spend Money>>Select the Pay from Account to be the credit card account and record the transaction as per normal. This will show that I have a liability/balance on that credit card of $100.

In terms of paying off that amount i.e. when the statement comes in you would be doing a Banking>>Spend Money with the Pay from Account being the main bank account and the allocation account (i.e. the account in the grid underneath the yellow section) you would enter that credit card account.

 

Do let us know how you get on and if you require further assistance.


Kind Regards,
Steven
MYOB Client Support
JillianK
2 Posts
Cover User
Australia

Re: Setting up a credit card in AccountRight Plus

Thanks for your assistance Steven.  We have set it up without any issues.

 

Cheers

 

Jillian

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