Credit Cards

Liability Account to track credit cards owned by the business

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Credit Card Accounts

Credit Card Accounts have Actions to allow users to perform the following tasks:

Enter Purchase (miscellaneous expenses)

A form to enable the entry of card transactions for miscellaneous expenses and their assignment and posting to the relevant GL account.

Enter / Pay Bill

Enter the Card vendor's bill here:

• Amount due.

• Due date (for aging reports).

• Enter the balance to be paid off.

• Enter the interest charge and the GL Account to which this will be posted.

• Enter the source of funds.

Payments recorded against this card e.g. payments to suppliers, and enter purchases on this card constitute the actual 'Amount Due'.

Transfer Funds

Transfer a balance from this account to the selected Account in the General Ledger.

Make Payment to Account

This action post entries to the Profit and Loss ‘Other Income Accounts’.

Make Payment from Account

This action posts entries to the Profit and Loss ‘Other Expense Accounts’.

Reconcile

See Bank Reconciliation.