How do I add a credit card or another bank account in Kontuly?
In Kontuly, any account in the Chart of Accounts with This is a bank / cash account ticked appears in Banking, ready for statement imports and reconciliation. A new business already has three: your main bank account, a Business Savings Account and a Credit Card.
- Open Chart of Accounts from the sidebar and click New account.
- Enter a Code and Name. For example
1030andPayPal. - Choose the Type. Assets for a bank, savings, petty cash or PayPal balance; Liabilities for a credit card or overdraft facility you treat as a debt.
- Choose the GST code. Bank accounts normally use No GST.
- Choose the Report group. Usually Current asset or Current liability.
- Tick This is a bank / cash account.
- Click Create. The account now appears in the Bank account list in Banking, Quick Input and Reconcile.
Credit cards
A credit card is set up as a liability bank account. You import its statement and code each purchase exactly as you would for a bank account. Paying the card off from your cheque account is a transfer between your own accounts, not an expense. When you reconcile a card, enter an amount owing as a negative number.
A bank account in another currency
Fill in Currency of the account (for example USD) before the account has any transactions; it can't change afterwards. See How do I hold a bank account in another currency?
Paying bills by ABA file
An Australian dollar bank account also has Batch payment (ABA) details: the BSB, account number, bank code and the direct entry user ID and name your bank gives you. You only need them to pay several bills in one batch file.
Can I change a bank account back to an ordinary account?
Not once it has transactions in Banking: the This is a bank / cash account tick is then locked.
Related questions
- How do I import a bank statement CSV into Kontuly?Download a CSV statement from your internet banking, choose the account in Kontuly's Banking screen, click CSV and check the columns before importing.
- How do I record a transfer between bank accounts in Kontuly?Record a transfer between your own accounts, such as paying off the business credit card, with Transfer on Kontuly's Banking screen so it isn't counted twice.
- How does the chart of accounts work in Kontuly?Kontuly's chart of accounts sorts every dollar into accounts by type and report group. What a new business starts with and how it shapes your reports.
More about banking and reconciliation
- Does Kontuly connect to my bank with bank feeds?Kontuly has no bank feeds. You import CSV or PDF statements from your internet banking, so your banking login never leaves your hands.
- Can Kontuly import a PDF bank statement?Kontuly can read transactions out of a PDF bank statement, then shows every row for you to check before importing. CSV is still more reliable.
- How do I code bank transactions in Kontuly?Code each bank line in Kontuly's Banking screen by choosing an account in its Assign to column. GST is split out for you, and you can code many lines at once.
- How do I split a bank transaction across accounts in Kontuly?Split one bank line across several accounts and GST rates in Kontuly, for part-private purchases, mixed GST-free items or a bill covering more than one cost.
- How do I match a bank payment to an invoice or bill in Kontuly?Match money in to a customer's invoice, or money out to a supplier's bill, on Kontuly's Banking screen, including one payment covering several invoices.