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Karen62's avatar
Karen62
Contributing Cover User
12 months ago

Setting up a Linkt toll account and Credit card

How should I set up a Linkt toll account? I have currently set up the Linkt account as an expense and pay in advance into the Linkt account using a credit card. I want to then record a monthly debit ...
  • oxley1's avatar
    oxley1
    12 months ago

    Hello Karen62

     

    Think of a LinkT a/c as a bank a/c where you deposit money and spend money in the form of tolls

     

    My suggestion is to open a new asset account called LinkT with account type as "Bank" and Tax Code "NT" on the details Tab.

     

    The payments you make to "Top Up" your LinkT a/c are then processed as a Spend money from your normal bank a/c to the LinkT a/c. (Think of these as deposits) this is a NO GST deposit.

     

    When you process your monthly LinkT a/c, again Spend Money, this time select LinkT a/c as the pay from and the expense a/c as Tolls ( or whatever account you use for the expense ) and record as paid with GST.

     

    At the end of each month you can perform a reconciliation on the LinkT A/c   

     

    Hope this helps

     

    OxleyBook

Princess_R's avatar
Princess_R
MYOB Moderator
12 months ago

Hi oxley1,

 

Thank you for your post.

 

I wanted to extend my sincere gratitude for taking the time to share your valuable insights regarding Karen62 query. Your input is incredibly appreciated and contributes significantly to the collaborative spirit of our community. Thank you for being part of our community forum and for your willingness to help other users.

 

Cheers,

Princess

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