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Denise123's avatar
Denise123
Contributing Cover User
3 years ago

multiple credit card amounts paid from bank account

My Credit card gets paid from the business account automatically every month. Normally this is easy to allocate, as I use the Transfer option in one entry and MYOB finds the matching entry from the o...
  • LRBooks61's avatar
    LRBooks61
    3 years ago

    Hi Denise

     

    When you transfer the money from the cheque acc to the credit card the transaction is 

     

    CR Bank 

    DR  CC

     

    So the transaction for the payment of the credit card should just be able to be matched in your bank feeds and then the bank account and credit card reconciled

     

    So on this screen shot the first transaction looks like it is the payment to clear the credit card so the allocation will be 2-XXXX Credit card account

    The next two transactions you would allocate to your expense accounts as usual

     

    To make this clearer for you if you changed the view to the different accounts you would see which transaction applies to which bank.

     

    The payment that comes across to the credit card may take another day or two to come across and can then be reconciled by matching the cheque payment 

     

    You won't be able to match these two transactions against the payment as 

    - you aren't paying these payments you are actually paying the credit card and these transactions make up that balance.

    - you can't allocate them as they are different bank accounts

     

    Hope that clarifies for you, make sure you reconcile the account in case there are some doubled up entries

     

    Hope this is useful

     

    Lisa

     

     

     

LRBooks61's avatar
LRBooks61
Ultimate Cover User

Hi

 

allocate the card fee to bank charges and then the transfer is just the transfer from your bank account to credit card

 

You should be allocating all the spending from your credit card to the appropriate general ledger account and the payment as a transfer from your bank account

 

hope that helps

 

Lisa

Denise123's avatar
Denise123
Contributing Cover User
3 years ago

Thank you for your reply but it doesn't answer my specific question.  I am already allocating all CC expenses to their respective general ledger category, and I have done the same for the actual credit card fee. 

 

Recording the transfer of funds from the Business a/c to pay the CC debt is easy for 11 months as both entries are for an identical amount which MYOB finds and reconciles when I select one and use the Transfer option.  My problem is that when the credit card fee is paid in June it is itemised as a separate amount to the rest of the CC debt.  So MYOB should be finding two entries that add up to the total that has been taken from the Business account.  From experience if I create a manual transfer it gives me double entries that confuses me no end.

 

MYOB can find multiple invoices paid to us in one cheque, so why can't it do the same thing with this problem?

  • LRBooks61's avatar
    LRBooks61
    Ultimate Cover User
    3 years ago

    Hi Denise

     

    When you transfer the money from the cheque acc to the credit card the transaction is 

     

    CR Bank 

    DR  CC

     

    So the transaction for the payment of the credit card should just be able to be matched in your bank feeds and then the bank account and credit card reconciled

     

    So on this screen shot the first transaction looks like it is the payment to clear the credit card so the allocation will be 2-XXXX Credit card account

    The next two transactions you would allocate to your expense accounts as usual

     

    To make this clearer for you if you changed the view to the different accounts you would see which transaction applies to which bank.

     

    The payment that comes across to the credit card may take another day or two to come across and can then be reconciled by matching the cheque payment 

     

    You won't be able to match these two transactions against the payment as 

    - you aren't paying these payments you are actually paying the credit card and these transactions make up that balance.

    - you can't allocate them as they are different bank accounts

     

    Hope that clarifies for you, make sure you reconcile the account in case there are some doubled up entries

     

    Hope this is useful

     

    Lisa

     

     

     

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