Re: Credit Card redux

["Roderick A. Anderson" <..hidden..>]

Chris Travers wrote:
> On Sat, Mar 7, 2009 at 2:06 PM, Roderick A. Anderson

<snip />

> > 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.

I figured it would be something this simple.  :-)

Are there any guidelines, from the accounting world, on what the account 
number(s) should be?  The template for a US Service Business is what I 
used and has 2110-2150 for taxes and 2210 as Wages.  Long term 
liabilities start at 2620.

Do you think the 2300 block for short term liabilities would conflict 
with standards or common practices?

> 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.

This I remember from the thread last year.


Thanks, \\||/
Rod
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