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shau's avatar
shau
Experienced Cover User
6 years ago
Solved

The correct way to record payment of credit card debt from a savings account?

When paying off credit card account debt from a savings account, is the correct way to record this as a money Transfer, or as a Pay Bill, or some other type of transaction?
  • GDay53's avatar
    GDay53
    6 years ago

    shau 

     

    Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

     

    As Credit Cards and Bank accounts are all treated exactly the same way in MYOB, the payment of the Credit Card is just a money transfer from one account to another.

    I would use either Money Trasfer or Spend Money - NEVER a Bill.

     

GDay53's avatar
GDay53
Ultimate Cover User
6 years ago

shau 

 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

 

As Credit Cards and Bank accounts are all treated exactly the same way in MYOB, the payment of the Credit Card is just a money transfer from one account to another.

I would use either Money Trasfer or Spend Money - NEVER a Bill.

 

  • shau's avatar
    shau
    Experienced Cover User
    6 years ago

    GDay53 So from an savings account (asset) into a credit card account (liabilities).  Normally I repay before interest on credit loans takes affect, but in case interest charges apply, then when paying the interest charges on my credit card account from my savings account would they still be recorded as a Transfer or some other type of transaction?  I am referring strictly to the interest component of repayments?  How would you handle these?

    • GDay53's avatar
      GDay53
      Ultimate Cover User
      6 years ago

      shau 

       

      As I said Credit cards are treated exactly the same as any other bank account. Any interest is recorded as an Other Expense that is paid from the Credit Card or Bank account concerned.

      If you pay an amount that is equal to the interest from a bank account to the credit card it is still only a transfer of money between the accounts.

       

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