nav[aria-label="Primary Navigation"] { padding: 0; & ul { list-style: none; width: 100%; display: flex; flex-direction: row; justify-content: start; align-items: start; gap: 30px; padding: 0; & li { margin: 0; } & ul li { list-style: none; } } }

Reconciling Credit Card with individual cards all linked back to one billing account.

JoChatty

How do I set up the Accounts if we have two cardholders with individual cards (both using bank feeds) and a third account called the billing account (do I also need to set up a bank feed for Billing Account.

Closing statement balance is out due to payments to main billing account. Just confused on how to set these up in MYOB

Find more posts tagged with

Accepted answers

All comments

Davotribe

I also have the same issue. Any answer to Jenni's question above. I have individual feeds for each card not the billing account. When the withdrawal was deducted from our bank account to pay the balance for the Main Billing account I split the payment to each credit card. The bank reconciliation has all balanced for each individual credit card but now their Bank Feeds "Calculated Balance" is out of balance by that amount paid. Any suggestions?

IllawarraAnn

Hi Jenni,

I have a solution from MYOB for one of the companies that I work for, but when it came to setting up another company I could not find an MYOB consultant that could assist me.

Currently I have a bankfeed for each card and reconcile to the amount on each card statement and then apply the auto deduction for payment to whichever card has been used the most.

As long as the totals reconcile for each card I can be assured that all transactions are accounted for.

I did think about creating a clearing account to tackle the problem but havent as yet.

It is possible but you just need to find a consultant that knows how to make it happen.

jenni

@IllawarraAnn Hi, I have the same issue. So in bank feeds when we connect the account to each card, it is to the overarching account. Is that correct?

I tried setting up one bank feed in MYOB to Commbiz linked to the overarching account (no physical card) but it would not work. I have since had to apply for bank feeds for each card. In the mean time a withdrawal for automatic balance payment has come through for the overarching account in my bank feed. How do I link these so I don't have to do manual reconcilliations etc? Thanks

IllawarraAnn

That "answer" from Sai is incorrect. You do not need to create multiple accounts for each credit card, you need to create one account and attach the parent card to that account for the bank feed and all expenses will go to that and then you can easily reconcile without having to perform multiple reconciliations.

Isaiah_C

Hi @JoChatty,

In MYOB, you'll need to create individual bank accounts for each cardholder and one for the billing account. The cardholder accounts will track their individual spending, while the billing account will capture the total card payments.

You should set up bank feeds for each cardholder's account so that their transactions are automatically imported into MYOB. This will make reconciling their expenses easier. But you don't necessarily need a bank feed for the billing account unless you're making payments from this account directly. Typically, you would pay off the cardholders' accounts through this billing account, but that would be manually managed if there's no feed.

When payments are made from the billing account to clear the cardholders, accounts, you'll need to manually allocate those payments in MYOB. It sounds like the closing statement balance is off due to these payments. Make sure you're reconciling the payments from the billing account to each cardholder account correctly.

If the billing account does involve transactions other than paying down the cardholders, then it might be worth setting up a bank feed for it too.

Regards,

Sai