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Question

Credit card transaction processing

  • 26 June 2024
  • 7 replies
  • 176 views

Hi,

 

If we set up an NZD credit card in the system and configure a bank feed in MYOB Advanced, how can we ensure that all AUD purchases are accurately recorded as cash transactions processed through the bank feed transactions?

 

Thanks 

 

 

7 replies

WillH
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Hi @pankaj65  - 

Is your company a MYOB NZ or MYOB Australia customer?  It has some impact on the licensing of the system, and in turn bank feeds.

Regards,

 

~Will H (MYOB)
P
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Hi @WillHowardOpenUni 

It’s MYOB NZ Customer.  Could you please advise if there’s something can be done in the system to handle the scenario and correctly capture transaction as a cash transaction in AUD currency with AU tax ?

Thanks.

WillH
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Hi @WillHowardOpenUni 

It’s MYOB NZ Customer.  Could you please advise if there’s something can be done in the system to handle the scenario and correctly capture transaction as a cash transaction in AUD currency with AU tax ?

Thanks.

You should be able to record this at Process Bank Transactions (CA306000 )

Just select the transaction from your bank statement/feed, then choose Create Payment on the right and select the create payment option.

You can either immediately assign the value to an invoice (You can use the Cross Rate field to change the exchange rate to reflect the exchange rate you got on the day) or you can leave the payment as paid in NZD and then apply the payment to the invoice later, depending on what best suits your process.
 

Note: It’s been awhile since I tried to record a transaction that way.  Your exact settings around currency management might have an impact here.  If you’re unsure I’ll hope either another user has a comment for you, or if you get in touch with your implementer/support team they should be able to help get processes set up with you.

~Will H (MYOB)
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Hi @WillHowardOpenUni,

 

Thank you for addressing my query. We are currently partners with MYOB. In reference to the scenario above, I understand that we can process the transaction by using "Process Bank Transaction," create a payment, and apply it to an AP bill.

However, we aim to streamline this process by recording these transactions as cash transactions, given that they are credit card purchases. The challenge arises because we cannot edit the currency in the cash transaction and record it in AUD, whereas the credit card is set up in NZD.

 

Thanks.

WillH
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Hi @pankaj65 ,

I’m not personally sure of the purpose of recording foreign currency amounts against these transactions if you’re intending to use them as direct cash transactions rather than AP transactions.  
My understanding of reporting is that in that situation, what matters is the local currency effect for the account it’s sent from.

Otherwise, I’m outside my area of expertise and I’d recommend checking with your consultant. (Or hopefully someone else with more experience creating cash transactions directly from CA306000 and potential multicurrency options might be able to help)

~Will H (MYOB)
Chris Hackett
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Hi @pankaj65 were you able to find a solution? Thank you!

Chris ~ Let us know how we're doing: https://forms.office.com/r/xmJUdZ1QE5 - A member helped you, please *Like* their post. A member provided an answer to your question, please mark it as *Best Answer*.
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Hi Chris,

Although no suitable solutions were found, the client has decided to continue with their original process, which involves creating an AP bill for credit card transactions and processing it.

Thanks

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