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AJM1
User
2 years ago
Solved

Chart of Accounts

With some clients we group the credit cards with the bank accounts in the chart of accounts.  I was recently advised by MYOB that a new credit card had to go into the liability section.  This has made a bit of a mess of our chart of accounts as we now have some credit cards under bank in the asset section (which was allowed before this change was made) and now some in the liaiblity section.

 

Why don't we get a choice as to where we want to put a credit card in the chart of accounts?  Bank accounts are often overdrafts and yet they are still classified as bank accounts but with a credit balance.

 

  • Hi AJM1 

     

    An GL account is MYOB is simply an account, it has a number, a name and a Type. To use an account for 'banking' purposes, you need to classify its Type as 'Bank' if it is in the Assets tab, or a 'Credit Card' if its in the Liability Section.

     

    Based on the info you have provided, you can show all of your accounts in the Asset tab. You can Name the account NAB Credit Card and classify it as Type = Bank. 

     

    Regards

    Gavin

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  • Hi AJM1 

     

    An GL account is MYOB is simply an account, it has a number, a name and a Type. To use an account for 'banking' purposes, you need to classify its Type as 'Bank' if it is in the Assets tab, or a 'Credit Card' if its in the Liability Section.

     

    Based on the info you have provided, you can show all of your accounts in the Asset tab. You can Name the account NAB Credit Card and classify it as Type = Bank. 

     

    Regards

    Gavin

    • AJM1's avatar
      AJM1
      User

      Hi Gavin, such a simple solution.  I was worried because it was a credit card feed.  Unfortunatley I already have some credit cards locked into the liaiblity section of the chart of accounts which I now wish I could change.