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Creating General Ledger Accounts for Credit Cards

There are a few different ways to handle credit cards in e-automate. In order to determine the best method for your business, you should ask yourself this question:

“Do I use my credit card to pay for vendor invoices (purchase or vendor invoices)?”

In other words, do you use your credit card to purchase items for inventory or to purchase services or non-inventory items from vendors? If you answered yes, then you should use the majority of the topics related to credit cards to handle your credit card transactions. The one exception is the topic titled, Using Credit Cards for Non-Vendors Only. If you answered no to the above questions, then you should use the Using Credit Cards with Non-Vendors Only topic.

When using a credit card to pay vendors you will use the following topics to handle your credit card transactions:

To move balances:

Moving the Credit Card Balance Forward When Setting Up e-automate

Moving the Credit Card Balance Forward When e-automate Has Been in Use

To record transactions:

Recording a Credit Card Charge to a Vendor

Recording a Credit Card Charge to a Non-Vendor

Recording a Credit Card Interest Charge

Tracking a Returned Item When Paid by Credit Card

To reconcile the credit card account:

Reconciling a Credit Card Account

Paying on your credit card:

Paying Your Credit Card Statement

If you do not have a general ledger account for your credit card, follow the steps in this topic to create one. You should have one general ledger account for each of your credit cards. If you have multiple credit cards, follow the steps in this topic to create a general ledger account for each credit card you have. If you already have a general ledger account for your each of your credit cards, you can skip this step. Once you have created a general ledger account for each of your credit cards, you must link your general ledger account to a cashbook account for a credit card. This linking allows you to reconcile the account.

If you are just starting to use e-automate, follow the steps in the topic, Moving Credit Card Balances Forward During E-automate Set-Up. If you have been using e-automate for some time and recording credit cards another way, use the topic, Moving Credit Card Balances Forward After E-automate Use.

Getting to the TransactionGetting to the Transaction

From the Accounting menu, select General Ledger Accounts to open the General Ledger Accounts window.

Click [New] to open the New General Ledger Account window.

Basic InformationBasic Information

Complete the following fields as appropriate:

Number: Unique number assigned to the account. Select a number for your account following your account numbering routine.

Name: Name of this account.

Type: Use the lookup icon to select Current Liabilities for the account type.

Remarks: Any remarks about this account.
Note: In the Report Console you can print a chart of accounts with or without remarks.

Protection: Protection type used to ensure the balance for these accounts matches the respective subsidiary reports. For the credit card general ledger account, use the lookup to select Cashbook.

Completing the TransactionCompleting the Transaction

Click [OK] to save the general ledger account.