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?
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.
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