Visa Card

Experienced Cover User Hobart_PCYC
13 Posts
Experienced Cover User
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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
326 Posts
Super Partner
Australia
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.

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