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Keep track of deductible/non deductible credit card interest

Experienced User BenB
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BenB
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Keep track of deductible/non deductible credit card interest

I regularly use a credit card, for both deductible and non deductible expenses.

 

Is there an easy way to track the amounts spent and totals owing on each, so I can apportion interest paid to deductible/non deductible as well?

 

Also, when I pay the monthly minimum payment, how would I know whether to allocate it to deductible/non deductible?

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Ultimate Partner GDay53
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GDay53
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Re: Keep track of deductible/non deductible credit card interest

@BenB 

 

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

 

Credit Cards should be tracked and reconciled exactly the same as any other bank account.

If it is a business credit card which is being used to purchase non buisness items then the purchase need to show that they were drawings or directors loan, using the N-T (Not Reportable) tax code.

 

If my response to your query and has helped, please mark my post as a solution to help others in the future.
Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
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Experienced User BenB
42 Posts
Experienced User
Australia
BenB
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Re: Keep track of deductible/non deductible credit card interest

My MYOB file is a personal one, to track deductible and non deductible expenses.

 

The credit card is a personal one. On that card, I have incurred deductible and non deductible expenses.

 

To keep track, do I need to make a spreadsheet, or is there a better way? Will get complicated apportioning interest, payments on the card etc etc

MYOB Moderator Neil_M
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Neil_M
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Re: Keep track of deductible/non deductible credit card interest

HI @BenB 

 

A spreadsheet would certainly be one way to track the expenses that are deductible and not deductible. If only a portion of the payments, interest etc related to a business expense I’d recommend seeking advice from your accountant over how to apportion those payments and charges

Regards,
Neil

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