Non-supported ReleaseNon-supported Release
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Recording Credit Card Interest Charges

If you do not pay your entire credit card bill each cycle, the credit card company assesses interest on the credit card. You record interest charges in e-automate by recording a new bank or service charge in the Cashbook module.

You should always use the bank charge transaction when recording interest for a credit card in e-automate. Using the correct transaction ensures that the general ledger is accurately updated by posting a credit to the credit card liability account, and the debit to an interest expense account.

Getting to the TransactionGetting to the Transaction

From the Accounting menu, select Cashbooks > Transactions to open the Cashbook Transactions window.

Click [Charge] to open the Cashbook – New Bank or Service Charge window.

Basic InformationBasic Information

Complete the following fields as appropriate:

Number: The number of the transaction. This number is automatically generated, but you may change it.

Date: Date the bank or service charge is being recorded.

Description: Brief description of the interest charge.

Amount: Total amount of the interest charge

From: Credit card account to which interest is being charged.

Reference: Refers to the type of transaction used.
Note: This field cannot be edited.

Specify an account to which all or part of the charge will be applied by doing the following:

In the Account field, use the lookup to select the account to which the interest will be posted. Typically an interest expense account.

In the Department field, use the lookup to select the account to which you will disburse all or part of the interest.

In the Division field, use the lookup to select the division associated with this account.

In the Branch field, use the lookup to select the branch to which you will disburse all or part of the interest.
Note: This field is displays only if you are using branching.

In the Description field, type a brief description of the interest charge or accept the already entered description.

In the Amount field, enter the amount of the interest to be applied to this account.

Click [QuickAdd] to add the account to the Accounts Disbursements region.

Repeat Step 2 until the entire interest charge has been disbursed.

Completing the TransactionCompleting the Transaction

Click [OK] to record the interest charges.