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Karen62's avatar
Karen62
Contributing Cover User
2 years ago
Solved

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
    2 years 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

oxley1's avatar
oxley1
Member
2 years 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

Karen62's avatar
Karen62
Contributing Cover User
2 years ago

Thankyou for your reply.

I will set the account up as you suggest.

Regards,

Karen

  • Princess_R's avatar
    Princess_R
    MYOB Moderator
    2 years ago

    Hi Karen62,

     

    Thank you for your response. Please feel free to create a new post whenever you need help in the future. We're always here to help.

     

    Cheers,

    Princess

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