Credit card company in VTT+

Why does VT Transaction + appear to have a default whereby the credit card account is treated as a supplier account? I should have thought a credit card balance would be, as it were, a bank account - albeit permanently overdrawn.... The default treatment appears to me to lead to the misallocation of the credit card balance into Trade Creditors in VT Final Accounts.

What does everyone do about this aspect?

 

Comments
taxhound's picture

Set up a bank account

taxhound | | Permalink

I set up a bank account called "credit card" and deal with it that way.  Very simple.

miketombs's picture

Ditto: Ignore the VTT+ default treatment

miketombs | | Permalink

Which reminds me - I have my own default templates anyway which I've tweaked from the standard ones. EG on limited companies I allow for multiple share classes, I don't think there's a default expense account in the standard set for computer expenses but print, potage and stationery are split, which seems overkill. I like to show separate expense accounts for depreciation on different asset classes which the standard layout doesn't do.  I must change them to delete the pre-loaded Credit Card suplier account and set it up as a standard bank account. It's one of the few things I didn't think about when I changed them, so this post was a timely reminder.

 

 

Bank Credit Card Account

ianlea | | Permalink

I do the same as taxhound and miketombs, and delete the default supplier account.

abelljms's picture

Why is that all accounting software fails to understand fundamen

abelljms | | Permalink

Why is that all accounting software fails to understand fundamental accounting?

What is the problem – the cr card is a simple supplier like any other. Why chimp about with some special category as though there is some magic status for a credit card. What is the difference from buying stuff at Jewson’s, and sending them a cheque once a month, or them d.debiting your bank? It is same as a cr card account, they are just suppliers.

 

And i suspect a proper auditor would refuse it the status of 'bank account' because it is not

 
 

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