How to post credit card transactions

Create a credit card bank account

1. Click Bank accounts then click New.
2. Enter the details for the new bank account, for example:

   A/C Ref	Enter the nominal code you want to use for the credit card bank account. If you're using the Sage Accounts default Nominal ledger we recommend you use a number within the range of 1200 to 1299. NOTE: If you choose a nominal code not already included in your Chart of Accounts, you must edit the Chart of Accounts to include the new code.
   Nominal Name	Enter a description for this new bank account, for example, Credit Card.
   Current Balance	This box displays the current book balance of your account. If required, to enter an opening balance, click OB.
   Minimum Limit	If required, enter an amount that you don't want the balance of this account to fall below. If the value of this account falls below the amount specified here, in the Bank accounts window the bank account appears in red. TIP: For a credit card account, this would normally be your credit limit and should be entered as a negative value.
   A/C Type	Use this drop-down list, choose the type of account to be applied to the bank account, for example, Credit Card Account.
   Currency	Use this drop-down list, to choose a currency description, if required. If the Foreign Trader option isn't active, this is unavailable.
   No Bank Reconciliation	If you don't want to run a bank reconciliation for this account, select this check box.

   TIP: To add further details to your bank account, from the Bank Record window, click the relevant tab.
   
   
3. Click Save.

Create a credit card charges nominal code

1. Click Nominal codes then click New.
2. Complete the Nominal Record window as follows:

   N/C	Enter the nominal code number you want to use. This should be in the Overheads area of the Profit and Loss section of the Chart of Accounts.
   Name	Enter the name of the account, for example, Credit Card Charges.

3. Click Save.

Post a bank payment for a credit card

NOTE: In this example, we're recording the purchase of stationery costing £/€10, which is to be posted to nominal code 7504.

1. Click Bank accounts and click Bank payment then enter the information required to record your purchase:

   Bank	Credit card bank account.
   Date	Date of the payment.
   Ref	Enter a reference for the transaction.
   N/C	Expense nominal code for example, 7504.
   Dept	If required, enter a department for the transaction.
   Details	Enter details to help you to identify the transaction, for example, Stationery.
   Net	Enter the net amount of the transaction, for example, 10.
   T/C	Enter a tax code for the transaction, for example, T1.
   Tax	The VAT amount of the transaction is automatically calculated from the net amount and the tax code. If required, this can be amended.

   TIP: To record a refund to the credit card, click Bank accounts and click Bank receipt then enter the information required to record the refund.
   
   
2. Click Save and click Close.

Post a supplier payment for a credit card

1. Click Bank accounts and select the Credit Card bank account then click Supplier payment.
2. In the Payee box enter the supplier's account code.
3. Complete the Supplier payment window as follows:

   Date	Enter a date for the payment.
   Cheque No	If required, enter the cheque number or reference.

   NOTE: If the supplier payment fully pays an outstanding supplier invoice, click the Payment box on the relevant line > Pay in Full. This allocates the invoice to the supplier payment. If the supplier payment partly pays an outstanding supplier invoice, click the Payment box on the relevant line > enter the amount of the payment. This allocates the invoice to the supplier payment.
   
   
4. Click Save and click Close.

Record credit card charges

NOTE: In this example, we're recording a £/€10 fee and £/€20 interest.

1. Click Bank accounts and click Bank payment then enter the information required to record the credit card charges, for example:

   Bank	Date	Ref	N/C	Details	Net	T/C	Tax
   Credit card bank account	Date	Ref	Credit Card Charges nominal code	Credit card fee	10.00	T2	0.00
   Credit card bank account	Date	Ref	Credit Card Charges nominal code	Credit card interest	20.00	T2	0.00

2. Click Save and click Close.

Paying off your credit card

1. Click Bank accounts and click Bank transfer.
2. Complete the Bank transfer window as follows:

   From	Enter the bank account code from which the money is to be transferred, for example, 1200.
   To	Enter the bank account code to which the money is to be transferred, for example, the credit card bank account nominal code.
   Date	Enter the date for the transaction.
   Ref	If required, enter a reference for your transaction.
   Ex. Ref	If required, enter a 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 to be transferred.

3. Click Save and click Close.

Record a credit card refund or cash back

1. Click Bank accounts and select the credit card account then click Bank receipt.
2. Enter the details of the refund.
3. Click Save and click Close.

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