Re: Credit Card Set Up in MYOB

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Re: Credit Card Set Up in MYOB

Hi There,

According to the MYOB manual, I need to set up a credit card bank account as a Liability so that I can record the client credit card business purchases on the system.

 

My question is, how is a liability GL code linked to the bank and will I be able to reconcile the credit card statements like I would if I was working with a normal debit card as an Asset account?

 

Does the B/B/F have to be keyed as a negative and do I have to use the purchases screen to enter credit card transactions?

 

Thank you:-)

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I have never processed credit card statements in MYOB. Please help

 
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Processing credit Card statements

 
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Re: Credit Card Set Up in MYOB

Hi @Merbroc2020 

 

Thanks for your post. That's correct, credit cards do need to be set up a liability type account with the Account Type as Credit Card. This allows you to allocate purchases/expenses to the credit card through either Spend Money or Purchases. It also means that you can reconcile the credit card as you would an asset bank account.

 

Looking at your account you are using AccountRight so I'll give help based on that. If you are using Essentials please do let me know. 

 

When recording a purchase transaction through either Spend Money or Pay Bills (Purchases), the process is the same - you just need to change the Pay from Account to the credit card:

 

cc.PNG

 

When you make a payment on the credit card, you can record a Transfer Money transaction:

 

cc2.PNG

 

When reconciling the credit card in the Reconcile Accounts window, enter the Closing Statement Balance as a positive amount and reconcile as you do the asset bank accounts.

 

Please let me know if you need further help.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Cheers,
Tracey
Previously @bungy15

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

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Re: Credit Card Set Up in MYOB

Thank you so much for answering my question re: Credit Card Set up. You have been such a help. Yes I am using AccountRight and not Essentials. Also, the print screen was a great help and put me on the right track.

 

Cheers

 

Mercia

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