Account for Credit Cards in Quick File

I was just wondering what Nominal account to place business credit card payments under.

Thank you,

T.Hawkins

Credit cards need to be setup as bank accounts in Quick File. In the bank management section there’s a header for credit cards, click the plus icon to add a new credit card account.

When you pay for goods or services with your card, the payment needs to be logged from this credit card account.

When you pay down your balance at the end of the month from your current account, all you need to do is tag the bank transactions as a bank transfer and transfer the funds to the credit card account.

The balance of the credit card is then maintained like any other bank balance, when it’s overdrawn it shows as a liability on your accounts.

Hope that helps!

Glenn - your post describes it well, but I actually have a business debit card. Would that be handled in the same way as you describe? I’m not so sure for when I make a payment on the debit card, this appears on my actual bank statement within a day or so as an outgoing. Clearly not like a true credit card where the balance (in part of full) is paid off at the end of a month. Any thoughts?

You don’t need an account for a debit card as all the transactions appear on the bank account. These are just tagged as any other bank transaction, no special handling is required.

I’m not sure how you can pay a part balance on the debit card though as it is all transferred directly from your account at the time of payment so there is no part balance to pay off at the end of the month.

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