We started using instant accounts on 1st April. I have entered opening balances for customer and supplier. I have now posted income/expenses from bank statement, however i am a little stumped wit what to do regarding a credit card payment.
Credit Card statement is dated 30th March
A payment was made on 17th April.
How do i post the payment, rather than just posting with bank payment.
Thank you
Replies (6)
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Don't quite understand the question. As you have not said what type of expenditure was on the credit card how can anyone tell you where to post it?
use a bank account for credit card
From memory one is code 1240. You use the credit card as a bank account and do this in the same way as you would for expenses paid out of bank.
Once a month when you make the credit card payment, you do a bank transfer.
I'm making one or two assumptions based on your info.
You should have the credit card set up as a separate 'bank account'. Call it 'Credit Card Account' Pay all your credit card expenses from the 'credit card account'.
When paying the credit card from the bank use 'Transfer', not 'payment' and transfer the sum paid from 'Bank Current Account' to 'Credit Card Account'.
Balance on 'Credit Card Account' should come to Nil, reconcile and repeat.