Allocating bank payments for differing accounts

Hi margkout,

 

Love this question. You're definitely thinking about it the right way. If all 3 bank accounts belong to the same owner, you're actually spot on having them all set up as bank asset accounts. No need to change that.

 

For moving money between them, you'll just want to treat it as a transfer between accounts rather than income/expense. That way everything stays nice and clean and your balances stay accurate.

 

Here's the go:

• When funds move from Bank B or C into your main bank, record it as a Transfer Money transaction
• Select the "from" account (Bank B/C) and the "to" account (main bank)
• No need to code it to an income or expense account

That'll track exactly where the money came from without messing up your reports. Now, for the "owing" side of things, since it's all the same owner and no interest involved, MYOB doesn't really treat that as a payable/loan by default. It's just movement of funds within the business.

 

Regards,

Sai