Method 1 - Set up the credit card as a bank account
Create a credit card account in the Bank ledger, by selecting Set Up > Accounts > Bank > New.
Import or enter the transactions from your credit card statement in the same way as for a bank statement, by following the steps in Enter bank transactions in a batch.
Each purchase from your credit card statement should be recorded on the Universal Input Sheet as follows:
Type |
Ref no |
Date |
Primary account |
Details |
Total |
VAT |
Analysis |
Analysis account |
PAY |
Leave blank unless you have your own reference nos. |
Date of purchase |
Select the credit card account. |
Details of the purchase |
Total purchase amount |
Enter Input VAT if you are VAT registered and the purchase has VAT |
Net amount (Total less any VAT)
|
Ledger: Cost of sales / Expenses / Fixed Assets (FA) Account: An account the purchase relates to |
Split analysis
If a purchase contains different items that needs to be split into different analysis accounts, the transaction needs to be laid out on the Universal Input Sheet as follows:
Type |
Ref no |
Date |
Primary account |
Details |
Total |
VAT |
Analysis |
Analysis account |
PAY |
Leave blank unless you have your own reference nos. |
Date of purchase |
Select the credit card account. |
Details of the purchase |
Total purchase amount |
Enter Input VAT if you are VAT registered and the purchase has VAT |
Split of net amount 1
|
Select Ledger/Account 1 |
Split of net amount 2 |
Select Ledger/Account 2 |
Payment of credit card balance
Payment of the credit card balance can be entered by clicking on the bank transfer transaction (TRF), selecting the current account as the Transfer from account, and selecting the credit card account as the Transfer to account.
Alternatively, you can enter a payment transaction (PAY), select the current account as the bank account, and select the credit card account as the Analysis account.
Method 2 - Set up the credit card as a supplier account
There is an account already in the suppliers ledger called Credit Card Company. This can be used to account for credit card transactions. If you want to rename this account to the name of your credit card company, select (Set Up > Accounts > Suppliers > [Select Credit Card Company] > Properties)
For each purchase on your credit card, enter a purchase invoice (PIN), selecting the Credit Card Company as the supplier.
Payment of the credit card balance is entered in the same way as a payment (PAY) to a supplier, selecting the Credit Card Company as the supplier.
