Forum Discussion

JasonKing's avatar
JasonKing
Contributing User
1 year ago
Solved

Paying multiple Credit Cards from Bank Account in one transaction

We have recently obtained 4 Business Credit Cards.  The bank takes funds out of our savings account in one lump to pay off all of these.   Is there a way to do this transaction?  If I use Transfe...
  • Isaiah_C's avatar
    Isaiah_C
    1 year ago

    Hi JasonKing,

     

     In your scenario, since the bank takes the payment for all four credit cards as one lump sum from your savings account, you can record this using a Spend Money transaction. However, we highly recommend consulting your accountant to ensure this method is appropriate for your bookkeeping and reporting needs.

     

     

    Regards,

    Sai

Genreve_S's avatar
Genreve_S
MYOB Moderator
1 year ago

Hi JasonKing,

 

You can only match one bank feed transaction with one transaction in the file. To handle a lump sum, you should record it as a single transaction. The best way to do this is to record the transactions to the undeposited funds. Then make a single transfer from the undeposited funds account to the bank account of choice. With the correct dates and amounts, this should match without issues.

 

Regards,
Genreve

  • JasonKing's avatar
    JasonKing
    Contributing User
    1 year ago

    Genreve,

     

    Thanks for your reply.  We're not using Bank Feeds at all.

    Would a Spend Money from the main bank account and coded to the Acct No. of the various Credit Cards work?

    • Isaiah_C's avatar
      Isaiah_C
      MYOB Moderator
      1 year ago

      Hi JasonKing,

       

       In your scenario, since the bank takes the payment for all four credit cards as one lump sum from your savings account, you can record this using a Spend Money transaction. However, we highly recommend consulting your accountant to ensure this method is appropriate for your bookkeeping and reporting needs.

       

       

      Regards,

      Sai

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Level up your skills using MYOB software.

 

Find help guides and technical solutions for all MYOB products here

Explore video tutorials for our software at the MYOB Academy here

 

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.