Bank feeds with 2 credit cards
Can you have bank feeds to the same credit card account in MYOB with 2 credit cards attached. The cards are with NAB and in personal names.
The credit card payment is taken automatically from the b...
Forum Discussion
Hi Cleggtribe,
Yes, you can definitely connect bank feeds for both cards, even if the repayments come from the same bank account. Since they’re two separate cards under different names, just apply for each feed as normal, and you’ll be all good.
Regards,
Genreve
Should I have one credit card account in myob for both cards. Eg account name card 1334 and 4567. With bank feeds into this one account.
Or do I need 2 separate accounts in myob for each card. When the auto payment is made to pay the credit cards I could split the payment.
Hi Cleggtribe,
If both cards (1334 and 4567) are sub-cards under a single credit card facility (i.e., they share one statement and one overall balance), you can use a single credit card account in MYOB. If each card has its own separate statement and balance, it’s best practice to set up a separate account in MYOB for each card.
Bank feeds are typically set up per account. If your bank provides a single feed that includes transactions for both cards under one account, you should use one credit card account in MYOB. : Bank feeds
Regards,
EarlHi Earl
Yes the cards share the same cc facility (billing account), one statement and overall balance. The bank feed on card no 2 has been approved and I when I choose a category it states account no found? Is there a way around this or is a separate account needed and cleared when doing the bank rec.
Jackie
hi Jackie,
You only need 1 credit card in MYOB and linked to the 'parent' account. Both the 'children' (both cards) go to the 'parent' account. The bank just issues you with a statement for each card so you can give it to that employee/owner/director and they can sign off on all their charges and also write a clarification for any.
They will also have their own limits, but you can find that the overall limit (on the parent) is $10,000 and each cardholder has a limit of $10,000 as well. Which can cause a problem if one of them goes out and maxes out their limit of $10,000 they have, because then there is nothing left for the other person, as the overall limit on the cards is $10,000.
