Setting up a Linkt toll account and Credit card

Karen62

How should I set up a Linkt toll account? I have currently set up the Linkt account as an expense and pay in advance into the Linkt account using a credit card. I want to then record a monthly debit of all the Linkt toll transactions - not individual transactions as we receive a monthly statement. Thanks Karen.

oxley1

Hello Karen62

 

Think of a LinkT a/c as a bank a/c where you deposit money and spend money in the form of tolls

 

My suggestion is to open a new asset account called LinkT with account type as "Bank" and Tax Code "NT" on the details Tab.

 

The payments you make to "Top Up" your LinkT a/c are then processed as a Spend money from your normal bank a/c to the LinkT a/c. (Think of these as deposits) this is a NO GST deposit.

 

When you process your monthly LinkT a/c, again Spend Money, this time select LinkT a/c as the pay from and the expense a/c as Tolls ( or whatever account you use for the expense ) and record as paid with GST.

 

At the end of each month you can perform a reconciliation on the LinkT A/c   

 

Hope this helps

 

OxleyBook