Westpac Business Credit Cards and Bank Feed set up

Question

Hello,&nbsp;Our company has just received new Westpac credit cards for our employees. Online I can see the individual cards plus a new consolidated account. Westpac has told me that I can only create a bank feed to the&nbsp;consolidated account not each individual card.&nbsp;Has someone had expereince with this? Do I only set up the consolidated account in liabilities and then how do I reconcile so I can stay on top of each individual credit card user?&nbsp;Any suggestions much appreciated.

shella_a · Answer

Hi SuFish,
&nbsp;
Thanks for your post.
&nbsp;
My apologies for the delay in response. I understand how setting up the consolidated account in liabilities and reconciling can be complicated if not set up correctly. We appreciate your reaching out. We regret to inform you that MYOB does not have a specific feature to manage and reconcile individual credit cards under a consolidated account. However, you can create a liability account for the consolidated account in MYOB.
For tracking individual card usage, you might consider creating sub-accounts under the main consolidated account for each credit card. This way, you can record transactions for each card separately, which could help in reconciling and staying on top of each credit card user.
Please note that this is a workaround and might not be the perfect solution. It's always a good idea to consult with an accounting professional for advice tailored to your specific situation.
&nbsp;
If you encounter any issues or need further assistance, feel free to reach out.&nbsp;
Kind regards,Shella

shella_a · Answer

Hi SuFish,
&nbsp;
I hope this message finds you well today. I just wanted to follow up if you’re still in need of assistance with your bank credit card and bank feeds set up. We appreciate your patience and understanding in this matter. If you still need assistance with this, please don’t hesitate to reply, as we’re always delighted to assist you further.
&nbsp;
&nbsp;
Kind regards,
Shella

sufish · Answer

Thanks for the reply.&nbsp;I set up the consolidated account as a Liabilities account. I also set up each individual credit card, but I'm not going to double up the data entry. We're just going to reconcile each card at the end of the month. It was disappointing we couldn't have individual feeds but in some ways maybe it is good having all the company expenses in one account. Only other problem is that Westpac doesn't indicate which card has being used....So nothing is ideal here.

sufish · Answer

I also will code the transactions so we can run a report for each card via that tag.&nbsp;

shella_a · Answer

Hi SuFish,
&nbsp;
Thanks for the response.
&nbsp;
My apologies for the delay in response. Thank you for sharing your experience. We really appreciate your patience with this. It sounds like you've found a workaround for the situation with the consolidated account and individual credit cards. It's unfortunate that Westpac doesn't indicate which card has been used, making it less than ideal.
&nbsp;
Please be informed that we will be closing the thread now. If you need any further assistance or have any other concerns, feel free to start a new post again.
&nbsp;
&nbsp;
Kind regards,Shella

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