Forum Discussion

AJM1's avatar
AJM1
User
2 years ago

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 mad...
  • gavin12345's avatar
    gavin12345
    2 years ago

    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

gavin12345's avatar
gavin12345
Ultimate User
2 years ago

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
    2 years ago

    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.