How do I go about making Credit Card payment entires? Do I enter a payment that I made as normal, then make another entry when I actually pay the credit card balance?
Is there an additional procedure for entering payments made by credit card other than cash or cheques payments?
I don't use the cashbook but the principle is the same in VT transaction+.
To start you would set up a new bank account called something like Credit Card or Barclaycard (see the writing in blue next to the account being used on the P&R screen)
The reality of the transaction is that it is an accrual in that you have taken goods on a promise of later payment but common convention is that we treat it as we would a bank account so :
Cr Credit Card
Dr Expense
Later when you pay the credit card off the entry will be
Cr Bank
Dr Credit Card.
Alternatively you can journal acruals which is the approach that I use for my own accounts but for simplicity the creation of a new bank account for the credit card would be best.
HTH,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
