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
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
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.
