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How do I deal with credit card in Sage?

How do I deal with credit card in Sage?

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Hi all,

Quick introduction, I'm new to sage and the company I work at wanted to transfer all of our accounts from Excel to Sage 50 Accounts. I only have basic experience with Sage, but I have been learning as I go along, so please be patient with me.

The problem I face is in sage I don't know what to do with the credit card. Usually we record the expenses paid using the credit card in Excel, then at the end of each month we pay the credit card with our Bank current account. All of this is recorded in Excel.

What I thought I can do is; record expenses paid with credit card in sage with the correct Nominal Codes, this will cause the card to go in minus figures, and then when the time comes to pay for the credit card, I can use the bank transfer method (as you can't do bank payment method to other bank accounts in sage) in sage to bring the credit card back to 0. That way it will show the expenses were paid using the credit card and the credit card was paid using the bank current account.

Will this be a suitable way of presenting our accounts?

Thank you in advance.

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By Gem7321
12th Aug 2015 16:45

That sounds fine. Another way would be to set up the credit card as a supplier instead of a bank account and post all credit card invoices to that one supplier (and to the correct nominals) then pay the credit card using a supplier payment.

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By johndon68
12th Aug 2015 16:45

Credit Card

What you have suggested is fine - set the Credit Card up as a bank account, make payments and do the bank transfer when you pay the bill.

John

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By Adeel
12th Aug 2015 16:55

Thanks guys, that is really helpful, I will follow your advice.

Adeel

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By tom123
12th Aug 2015 19:22

Another vote for bank

I always set up the credit card as a bank. Whilst you will usually be paying small receipts out (ie cash book payments), you will often end up making purchase ledger payments using the cards as well - for instance proforma invoices, or accounts which go on stop.

Treating the cc as a bank is most flexible. Particularly if you have lots of cardholders. You can post each cardholder statement separately as you go, rather than trying to produce one massive journal.

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