Bank changing credit card

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Experienced Cover User
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Bank changing credit card

Hi

 

Westpac is changing our business credit card from VISA to Mastercard. This means a whole new number but the same line of credit. The VISA is currently set up with the live bank feed. Apparently the VISA will stay active for 90 days from activating the Mastercard.

 

My question is do I need to create a new credit card (liability) in MYOB Essentials for the new mastercard? I assume I need to create a new bank feed but where would I have this go to?

 

Apparently the balance of the VISA will go over to the Mastercard upon activation but I'm not sure what the easiest way to deal with this in MYOB Essentials is?

Thanks

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Re: Bank changing credit card

Hi @becn 

 

If you do need to create a new credit card account in MYOB Essentials, this can be created through the Business Name Menu (top right)>>Accounts>>Accounts Lists - Add new. MYOB Essentials Help Article: Accounts list has information on creating that account.

 

Should you wish to apply for bank feeds on that new account, you would want to follow the process on Setting up bank feeds and then apply for that feed. If it's a Westpac card, Setting up a bank feed for a Westpac account is the one you want to review - generally, it would be through an application for a credit card.

 

In terms of the balance being transferred, I would do a Transfer Money transaction to transfer that balance. This is done through Banking>>Transfer funds. The process is pretty straight forward but do check out Help Article: Transferring between accounts to see the full process.

 

Do let us know if you require further assistance with regards to this.

Kind regards,
Steven

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Experienced Cover User
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Re: Bank changing credit card

Thanks @Steven_M 

I set the bank feed up and the first transaction on the new card was made 29/10/19. It also looks like the new card had a feed from 14-28/10/19 so now those transactions are on both the old card and the new card.

What's the best way to reconcile the cards? do I need to get a bank feed/s deleted from one of the cards? if so which one? 

 

You also mentioned needing the transfer the amount owing from the old card to the new card? how am I going to know this amount?

 

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Re: Bank changing credit card

Hi @becn

 

Thank you for your post, our bank feed team can have the bank feeds removed from the 14/10 - 28/10 for you, please email bankfeeds@myob.com and provide them with the following details ;

  • Serial number 
  • Last 4 digits of your bank account number that needs the bank feeds removed from 
  • Date range of the bank feeds wanting to be removed 

Steven mentioned that you can transfer the balance of the account over to the new account via a transfer money transaction. Generally speaking this would be the opening balance of the MasterCard.

Cheers,
Melisa

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