Could i ask for a bit of help please.

Could i ask for a bit of help please.

Didn't find your answer?

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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By johngroganjga
03rd May 2015 16:54

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?

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By Hannah_J
03rd May 2015 16:59

They are all various small expenses relating to the business. I should have wored my question better. When i tried to use nominal code 1240 (credit card) expenses within the  Bank payment function, it would not allow me.

 

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By Jekyll and Hyde
03rd May 2015 17:33

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.

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RedFive
By RedFive
03rd May 2015 17:34

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.

 

 

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By Hannah_J
03rd May 2015 17:55

Hiya RedFive.

This is what i did:

Set up the opening balance on the credit card account based on the figure on the cc statement.

I then used the bank transfer function to make the payment as shown on the bank statement.

Balance on CC account 1240 now nil.

Half my problem is, that i start to panic. But if i sit down and think logically, and use the practice data company them im ok.

Thank you for your help :) Also your assumption was correct.

 

Note to myself - i must explain myself better, when asking for help.

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RedFive
By RedFive
03rd May 2015 18:55

No problem
No worries, happy I could provide reassurance for you.

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