Before you record credit card transactions, you need to create a credit card liability account for the credit card you will use. Name the accounts after your credit cards, for example VISA, Amex etc.
These accounts will keep track of the amount owed to the credit card provider. For information on creating an account, see Adding/Editing an account. Note that to track credit card liabilities effectively, only create accounts for credit cards that are used solely for business purposes. If you have a personal credit card that is sometimes used for business transactions, you won't want to record all personal charges within Dealerlogic, and therefore reconciliation will not be possible.
Recording payments for credit card purchases
You record a payment made by credit card simply by specifying the credit card account in the Vendor Payments or Cash Payments window. The method you use to record a payment for a credit card purchase depends on whether you have entered the purchase transaction using the Purchases window. If you have, then record the payment in the Vendor Payments window. If you have not entered a purchase, record the credit card purchase in the Cash Payments window. When you record the payment, the payment amount is assigned to your credit card liability account. |
Recording payments to credit card providers
When the time comes to pay your credit card account, use the Transfer Money window to record a payment from your bank account to your credit card liability account. Open the Transfer Money window from the Payments group on the Accounting ribbon. Select the Credit Card account in the Transfer To section, and select the bank account you are using to make the payment in the Transfer From section. Record the payment date, amount and description and press Process. |