You should consider credit cards like the cheque account or petty cash. Credit cards used specifically for business purposes should be created as separate Liability accounts in your accounts list (Detail Credit Card type). You should avoid using credit cards for both business and personal expenses.
Once the credit card account has been created it can be used to pay expenses using Spend Money – select the appropriate credit card from the Pay From Account drop-down list.
Enter each credit card transaction as it occurs.
When making a payment on the credit card, whether it is the full balance or a partial payment:
- Use Spend Money and select the Pay From Account where the payment is coming from
- Enter the Amount of the payment
- Allocate the payment to the credit card Acct #
- Click Record
For further assistance: Contact Melanie Jenkins
Download this MYOB Help Sheet with accompanying images to assist you with each step below…