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My Business Visa for October was used entirely for Personal use and I have transferred funds from my Personal bank account to reimburse the Visa. How do I action that in MYOB? I use Bank Feeds and the payment is showing in MYOB but I'm not sure how to allocate it.
Appreciate any help
To suggest the correct accounting treatment, we need to know how this is all set up. Does your Business VISA have Bank feeds in the file? Is the business a Sole Trader, Company or Trust. If Sole Trader, you will have a Drawings Account, if Company or Trust, you should have a Loan Account. Did you pay off the VISA Card directly from your personal funds, or did you transfer it into the business bank account and then pay off the VISA Card?
Basically, the personal payments made on your Business VISA card should be allocated to your Drawings/Loan Account. The transfer of Personal Funds into the Business Bank Account should also be allocated to Drawings/Loan Account. If the VISA card was paid from the Business Bank Account then allocate or transfer the payment to to VISA Card account. If the VISA card was paid off directly from your personal account, allocate the deposit to Drawings/Loan Account.