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JasonKing's avatar
JasonKing
2 months ago

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
    2 months 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

JasonKing's avatar
JasonKing
2 months 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
2 months 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

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