We accidentally used the corporate credit card to purchase a personal item.
When we realized that, we deposited personal funds to replace the above.
Under what heading to we put the wrong purchase, and under what heading do we put the replacement amount?
Hi lynettemalone,
Thank you for your post, and welcome to the community forum!
I understand that you've accidentally used a corporate credit card to purchase a personal item. You may check out this helpful article that has detailed categories (Chart of accounts). Additionally, if you're unsure what category or header to choose, please ask your accountant which categories you'll need you can invite them to access your MYOB business or Accounright.
Feel free to write a post if you need further assistance.
Cheers,
Jem
Hi Jem,
Thank you. We looked over the article you suggested, but we still do not know where to place those two items, the personal purchase made with the company card, and the deposit back into the account. So yes, we still need further assistance.
Thank you.
Lynette and Zane
Hi lynettemalone,
I can see that you are still unable to link a category in the chart of accounts. 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 it is in the Liability Section. You may create a liability category under the chart of accounts to link it to and put NT as the tax code.
You may check out this helpful link for adding a category under the chart of accounts. Alternatively, if you need immediate assistance, you may ask MOCA, our virtual assistant, by clicking the chat bubble at the bottom of any help page and ask a question. If MOCA can't help, you'll be guided to our other support options, including live chat.
Cheers,
Jem
Hi Jem,
Thank you. Unfortunately we are a new small business, just my partner and myself, no accountant yet. I took a course in MYOB years ago but have forgotten much and it has changed. Anyway, I have set up all the chart of accounts, and am fine with everything else. I just don't know where to put the charge made on the credit card, and where to put the money restored.
I looked at the article you gave the link for, but it did not help answer the specific question.
So still looking for where to put the two entries.
Zane
