how to reconcile credit card first time

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Experienced User
36 Posts
Experienced User
Experienced User




Solved: Go to Solution

how to reconcile credit card first time

Hello guys 


kindly help me,

I am in process to reconcile company business card . As company just start using MYOB and want to enter last year data. I reconciled the bank account for last FY but I am stuck with credit card.

my issue is: comapny using this credit card more than 5 year  but they want to enter transaction from july 2015 and Crdit card limit is $10000 and clossing balance is $457 on 1/7/2015 >. i enterd all transations but I don't know how to reconcile the credit card . what will be the closing statement balance ? do i need to enter the opening balance in account set up as $457 or $10000



please help me


Ultimate Partner
1,852 Posts
Ultimate Partner
Ultimate Partner




Accepted Solution Solved

Re: how to reconcile credit card first time



The Company Credit is a Current Liability and setup as a Credit Card in the Account Type.


Opening Balance in MYOB should be the Credit Card Balance as at 30 June.

Credit Limits are not entered into Myob.

Credit Cards have a statement cycle on any day rather than Bank Statements that can be set at the end of the month.


I would reconcile first from 01 July to the statement date in July.


Ho[pe this helps. 



Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E T 02 9904 3672 7 days

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