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Re: Credit Card redux

On Sat, Mar 7, 2009 at 2:06 PM, Roderick A. Anderson
<..hidden..> wrote:
> I looked at the thread from the last quarter of last year on handling
> Credit Cards used by businesses to make purchases.  Unfortunately I'm
> still confused because of my lack of accounting knowledge.
> Anyone willing to share their steps for setting up and using credit
> cards for making business purchases?  Preferably so we of the
> accounting-thick-headed-nature can do it.  :-)

Add a COA account for the credit card.  Make it a liability account.
Check the AP Payment box.

Then you can pay an AP invoice with this account.  When you make a
payment you do that as a GL transaction, and you also add
interest/finance charges in this way.

Best Wishes,
Chris Travers