Visa Card

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Experienced Cover User Hobart_PCYC
21 Posts
Experienced Cover User
Hobart_PCYC
Experienced Cover User

21Posts

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Visa Card

Hi All,

 

We have an Australia Post Load & Go VISA. It has never been accounted for through MYOB. It has only been used 3 times this FY, and been topped up once.

 

Should I just use a Credit Card account 2-1110;

  1. and enter the current balance as the opening balance, or
  2. enter the balance at 1/7/17 and enter the subsequent transactions?

If 2), then what is the best way to do this please?

 

Kind Regards,

Hobart PCYC

 

1 REPLY
Super Partner GDay53
454 Posts
Super Partner
Australia
GDay53
Super Partner

454Posts

518Kudos

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Accepted Solution Solved Solution

Re: Visa Card

@Hobart_PCYC

 

All Credit Cards should be treated exactly the same as any other bank account, except that they are Liabilities nit Assets.

So create a Liability account and enter you Opening Balance as of 1st July then enter any transactions that have occured and finally reconconcile the account the same as any other bank account.

Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
MYOB Certified Consultant
MYOB Diamond Partner
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