I've only ever set them up as bank accounts, even with multiple cards. My clients use their credit cards to pay a supplier account, so makes it much easier than faffing with supplier to supplier transfers.
-- Edited by Sammy76 on Wednesday 12th of December 2012 08:52:09 PM
The Sage rep has advised me to set up company credit cards as suppliers accounts... as there are 4 on-the-road engineers...
This is a new one on me as I understand the usual way is to set a credit card up as a bank account...
Has anyone else set up their credit cards in this way?... and if so please can you advise if it is a better way
of doing things in comparison to the 'usual way'.
According to the Sage rep it is a simpler way of working with multiple credit cards as you enter each receipt to the credit card account and then when it comes to paying the cc bill, you process it as a bank payment... instead of inter account bank transfer... and credit card bills and interest can be added by adding the cc card itself as an invoice but posting to T9 for VAT purposes...
Any input or advise from anyone who has set up their credit cards this way would be appreciated as soon as possible... thank you in advance
I haven't set up credit cards this way before, probably because I've only had one to deal with at a time. I can't see any problem in doing it this way though, especially if you need to keep track of each individual engineer's spend. Post each receipt to the supplier account and then when the relevant credit card bill comes in you can check the supplier account off against the statement and you can then pay it with a Supplier payment (not bank payment). Any interest or charges on the particular credit card can be added as invoices to the bank or credit card charges nominal.
It can be done either way, as Stardoe says. My personal preference is to set credit card accounts up as bank accounts (partly for the reason Sammy76 mentions)
