CREDIT CARD

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CREDIT CARD

The balance on the credit card on MYOB shows as a negative balance and i believe this is wrong. How can i amend it as i need to transfer the balance from an expired credit card to a new card

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Re: CREDIT CARD

Hi @Troubled_Sue 

 

A negative balance for a liability/credit card account would typically imply that you have paid too much on the card with your recent payments and the credit card company owes you money. Normally, they would have a positive balance, which is when you owe the credit card company.

 

If you do have a balance that doesn't seem correct for an account, I would recommend running the General Ledger [Detial] Report for that account for a date range. This will show you the transactions that have been recorded for that account and the impact that they have had on the balance of the account.

 

Assuming that a balance is incorrect, you could look at deleting the transaction that is incorrect OR record a journal entry (Accounts>>Record a Journal Entry) to transfer the balance of the account or portion of it to another account. Do speak to an accountant in regards to recording that journal entry and the accounts, amounts and tax codes involved in that transaction.

Kind regards,
Steven

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Contributing Cover User
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Re: CREDIT CARD

Thanks @Steven_M . I will run a report and see where its gone wrong.

 

Regards

 

Sue

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