Combining creditor payment with credit card payment

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Combining creditor payment with credit card payment

Can anyone give me an option for allocating payments when it is between credit card and creditor?

I am running 2018.2 version live.

Problem:  Credit card has come in and a payment showing on the statement has been already taken up as a creditor. Normally I just allocate the credit card payment minus the creditor entry and manually reconcile the bank statement, as bank feeds can not match these up.

Is there a way to "group" this payment, or is it correct the way I am doing it.

Thanks.

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Re: Combining creditor payment with credit card payment

@Mel05

 

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

 

When you are using Bank feeds and you need to group payments you would use a clearing account such as undeposited funds or whatever you have.

 

If my response to your query and has helped, please mark my post as a solution to help others in the future.
Graeme Day
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Gralord Enterprises Pty Ltd
Mobile: 0402 841 627
graemeday@optusnet.com.au
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Re: Combining creditor payment with credit card payment

Hi @Mel05,

 

Thank you very much for posting on the MYOB Community Forum. I hope you find it a wealth of knowledge.

 

In order to properly help you I just need some more information. I take it the amount that shows on the actual statement is not the same as the amount of the transaction that is in AccountRight? Is it a transaction that attracts merchant fees? If you enter this as more than one transaction, please have a look t our help note Matching a bank feed to multiple transactions if you need help how to group transactions. If you could respond to this post with what the transaction amount is on the bank statement, what the transaction amount is in AccountRight, and what the difference is going to exactly I can offer some more specific help.



Kind Regards,

Stuart W
MYOB Client Support
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Re: Combining creditor payment with credit card payment

Hi Stuart,

I understand I need to group these but not exactly show how to best do it: Eg

Visa Paid - Bank feed $4500

In this payment will be a creditor, lets say $500 - I pay this normally through "pay bills"

So the visa is coded down to $4000

So I manually match up and tick both entries on the bank rec.

 

We quite often have a creditor that will end up being paid on our Visa.

Thanks

Mel

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Re: Combining creditor payment with credit card payment

Hi @Mel05,

 

So from what you are telling me, we have the following scenario:

 

  • The Visa statement shows $4500 withdrawal, this is the amount you need to match on the Bank Feed
  • $4000 is a Visa payment, done through spend money or pay bills
  • $500 is a Creditor payment done through pay bills

So, we need to create a $4500 withdrawal against the Visa consisting of two separate payments $4000 + $500. In this case you can create the payments as usual, but group with electronic payments rather than pay through the Visa directly. Then we go into “Prepare Electronic Payments”, select the two payments which should equal $4500 and pay against the Visa. When you hit “Bank File” simply click cancel at the save screen as we don’t need to create a bank file but still record the payment in AccountRight.

 

Please let me know if I you need any further help at all.



Kind Regards,

Stuart W
MYOB Client Support
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Re: Combining creditor payment with credit card payment

Hi Stuart,

All good right up to when I have to "Prepare Electronic Payments"   When I go to "Bank File" it comes up with the following:  "Bank information for Virgin Visa incomplete"  as Credit Card payments do not have bank account details only Bpay I can not enter it into the card and so it will not let me save the entry.

Thanks.

Mel

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Accepted Solution Solved

Re: Combining creditor payment with credit card payment

Hi @Mel05,

 

We can enter banking information into the credit card account by clicking on the banking tab of the account window. As we are not going to be creating a bank file, it is safe to simply enter dummy data here. Please refer to the following screen shot, make sure you click “I create bank files for this account” and enter some random numbers so we can complete the payment. Please note the bank code is a 3 letter code (i.e. CBA, NAB etc) and the direct entry user ID you can simply enter 00000. Just leave “Include a self-balancing transaction” unticked as it doesn’t matter either way.

 

Please do let me know if you need any further help.



Kind Regards,

Stuart W
MYOB Client Support
binfo.PNG

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