how to reconcile credit card first time

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Experienced User
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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

 

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Ultimate Partner
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Re: how to reconcile credit card first time

@Sally_k

 

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

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days

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