How to reconcile a credit card liability account please? MYOB is treating Visa payments as withdrawals, which are adding to the last closing balance, and deposits are being taken from the balance. This doesn't allow me to reconcile the account.
Hi Skilania78
Thank you so much for your post. Typically credit cards are set up as liability accounts with the account type being Credit Card. By doing this the account will appear in the Pay from Account lists to make payments from.
To reconciling bank and credit card accounts.
Go to the Banking command centre and click Reconcile Accounts.
Enter your bank or credit card account number in the Account field.
Enter the Bank Statement Date (the bank statement's closing balance date).
Select the transactions that have been presented to the bank. This will place a tick next to those transactions.
Enter the bank statement's closing balance in the Closing Statement Balance field (called the New Statement Balance field in some versions), then press the key.
If the Out of Balance amount is zero, click Reconcile.
You will then receive a prompt to print the Reconciliation Report. Click Print, then click the Reconcile button again. The window below shows the Reconcile Accounts window.
Here's a help article it will give you more information about Bank Reconciliation.
Regards,
Earl.
