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How do you deal with credit cards?

trav2001trav2001 Member Posts: 20

I've been in business for almost 4 years and haven't used a single credit card. But now I'd like to get the cash back rewards on my business credit card. How do I go about transactions for a card? showing the expense and everything?

in Accounting Technical Support

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  • MikegMikeg Member Posts: 995 ✭✭✭

    trav2001,
    They are connected the same way as banking accounts. First need to create a liability for the card on your chart of accounts. From there, connect your card and link to the newly created account. Begin importing transactions and code just like any other disbursements. When you make a payment from your cash account to the credit card, you transfer the payment to the card.
    Hope that helps
    Mike G, CPA
    www.mgfinancial.net
    Affordable Solutions for
    Small Businesses

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