Summary
How to record credit card transactions in Sage 50 Accounts.
Description
Post company credit card transactions to a dedicated credit card account. You can then reconcile the transactions against your credit card statement.
Resolution
Create a credit card bank account
- Create a bank record and ensure the 'A/C Type' is a Credit Card Account.
Post a bank payment for a credit card
- When you pay for something using your credit card, post a Bank payment from the credit card account. This creates a credit card payment (VP) transaction.
Post a supplier payment for a credit card
- If you have your credit card set up as a supplier and receive an invoice, post a supplier payment to pay it off.
Paying off your credit card
When you receive your statement, you can make a payment from your usual bank account. You then transfer the amount to reduce the credit card balance.
- Go to Bank accounts and select Bank transfer.
- Complete the Bank transfer window as follows:
From Enter the bank account code that you paid the credit card from. For example, 1200. To Enter the credit card bank account code. Date Enter the date for the transaction. Ref If required, enter a reference for your transaction. Ex. Ref If required, enter an extra reference for your transaction. Department If required, enter a department number for your transaction. Description Enter the details for the transaction. Payment Value Enter the amount you’re transferring. - Press Save then Close.
Receive a refund
To record a refund to the credit card account, post a Bank receipt. This creates a credit card receipt (VR) transaction.
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