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How do you list a charge card payment as a transaction

FrankDFrankD Member Posts: 5

I am reconciling my business charge account for the first time and am not sure how I categorize the monthly payment I make to it. Account the money is coming from is owner investment for now. What do I put down as a category so it shows as a plus in my charge card reconciliation window the correct way. Later, when I pull it from my business savings or checking how will I list it?

in Accounting Technical Support

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    @Engineer,
    Since you are paying for it outside the business you need to give yourself credit for the payment. Go to Accounting/Transaction, under More add journal transaction. You will want to debit the liability for the credit card for your payment amount and credit Owners Equity or Owner Loan. Depends on what you set up. Adjust the date to match the credit card payment date.

  • FrankDFrankD Member Posts: 5

    Thank you for your help Mike!

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