I would like to ask how enter into Sage the receipts for credit card. Do you need to create account in Nominal Ledger. I didn't come a cross with that problem before. Is that good idea to post them as supplier account in the purchase ledger.
The views expressed in this post are my own personal (HRA protected) views, and are not representative of any organisation I have any involvement with.
In order to balance/reconcile your credit card statement to the expenses involved the best way to deal with the transactions is as Steve and Sue have stated by using the Credit Card Bank Account and adding the credit card receipts(invoices) as payment then doing a monthly bank transfer from the Current Account to the Cr Card Account to clear the payments.
To keep track of the supplier you use the supplier name as either the Ref or in the details.
If you post Cr Card receipts to Supplier you will find it very difficult to reconcile the accounts and you will also have many more transactions to perform.
In order to balance/reconcile your credit card statement to the expenses involved the best way to deal with the transactions is as Steve and Sue have stated by using the Credit Card Bank Account and adding the credit card receipts(invoices) as payment then doing a monthly bank transfer from the Current Account to the Cr Card Account to clear the payments.
To keep track of the supplier you use the supplier name as either the Ref or in the details.
If you post Cr Card receipts to Supplier you will find it very difficult to reconcile the accounts and you will also have many more transactions to perform.
Thank you I thought so it will be difficult way to to do that. I only wanted some more explenation. Unfortunately I am only data entry in that case and somebody else made the decision. Thank you very much
I have a similar issue- Currently I have been using 1240 Company Credit Card to post all Credit card receipts to - I then make a bank transfer payment from Current Account 1200 to Credit Card 1240 which pays off the balance. Should I actually be entering credit card receipts into the 1250 Credit Card Receipts nominal? will that make it easier to do the reconciliation?
thank you so much!
-- Edited by Soundingclear on Wednesday 22nd of July 2015 02:10:47 PM
In order to balance/reconcile your credit card statement to the expenses involved the best way to deal with the transactions is as Steve and Sue have stated by using the Credit Card Bank Account and adding the credit card receipts(invoices) as payment then doing a monthly bank transfer from the Current Account to the Cr Card Account to clear the payments.
To keep track of the supplier you use the supplier name as either the Ref or in the details.
If you post Cr Card receipts to Supplier you will find it very difficult to reconcile the accounts and you will also have many more transactions to perform.
Thank you I thought so it will be difficult way to to do that. I only wanted some more explenation. Unfortunately I am only data entry in that case and somebody else made the decision. Thank you very much
I agree set the items being paid as suppliers if you wish/set up the card account in the 'Bank accounts' screen and then pay as you do via the current account and reconcile the card statement. You can analyse the supplier and the card usage. Dont let the fact that you 'only' do data entry as you put it hold you back from suggesting a better way to do something. Im sure if you speak to your boss they would be impressed that you have thought it through and made a suggestion.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I have a similar issue- Currently I have been using 1240 Company Credit Card to post all Credit card receipts to - I then make a bank transfer payment from Current Account 1200 to Credit Card 1240 which pays off the balance. Should I actually be entering credit card receipts into the 1250 Credit Card Receipts nominal? will that make it easier to do the reconciliation?
thank you so much!
-- Edited by Soundingclear on Wednesday 22nd of July 2015 02:10:47 PM
1240 or 1250 - doesnt really matter as long as its reporting in the Bank Accounts section so that you can do the reconciliation when you get the statements. One of my clients has quite a few Barclaycard as well as NatWest credit cards so I have a range between those nominals.
HTH
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I also have a similar issue
To post to multiple credit cards but keep them separate, I want to use 1241, 1242 etc or 1251,1252 etc. How do I change the account type from Nominal to Bank?
Hi Joanne
Yes this is in Sage and now all sorted thanks.
What I don't understand is why I could not find that as now it seems so simple.
Thanks for your help
If you go into the bank accounts section, if you don't have a spare bank account code set up that you are not using and could just amend the title, then go to new/edit and it will guide you through setting up a new account. I find that have a credit card bank account is always the easiest way of dealing with credit cards on sage.
