More often than not a business loan is either linked to a mortgage, or it has a redraw facility. Therefore, although a loan is a liability, and a six year facility is a long term liability, it is still a transaction account which requires reconcilliation.
MYOB AR+ does not allow me to choose a long term liability account from the drop down menu to ling the bank feed to the account.
Is there a workaround?
- David_Cree6 years agoUltimate Partner
Hello Swampwog
To enable the account to be linked simply change the Account Type to 'Credit Card'.
By doing this the Liability Account can be linked and reconciled.
Cheers
David
- AndrewStephen6 years agoValued Cover User
Yep there is a workaround. Set it as a credit card. (Sorry that is sarcasm)
I really hate the fact that MYOB have made this is limited.
I had to move my credit cards to a liability account so I could like them to bank feeds.
Back when my company file was created they didn't have the option for a credit card.
Also one of the cards is a prepaid card so made sence for us to listed as a bank account.
This is just another case of NO thought put into the software design my the developers and testers. - Swampwog6 years agoContributing Cover User
Thank you David and Andrew, much appreciated.
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