My credit card statement comes in the post end of the month when I reconcile qf. It is itemised with each and every transaction, varying from fuel, materials and office stationery. This gets paid off the following month in full by direct debit.
How and where do I enter on quick file?
Many thanks for your help.
Just treat it as a bank account - when you make a purchase on the card you mark it as paid from the “credit card” bank account at the time you make the purchase, and when the bill comes in at the end of the month that is just a “transfer between accounts”. If there’s any interest to pay then you can enter that as another “money out” from the credit card account tagged to a suitable overheads nominal code.
Could I not just do this and enter a purchase order for the credit statement for the whole amount, and then break down every category on statement. I know it’s a pain but as I’m very new to this I do by bank rec every month and input everything daily, apart from this.
Hope I make sense!
Maybe you could help on credit card transactions please, end of the month we get an itemised bill which is paid direct debit. everything is listed from fuel to anything else thats purchased.
Do I make a purchase order and categorise fuel, stationary etc or do I have to do loads of separate purchases for every item???
Please can you help??
Hi @Claireabell,
You can categorise each item on a line by line basis using the nominal codes but if you are using project tags then this can only be done per document.
I hope this answers your questions, please let us know if you require any further help 
Could I not just do this and enter a purchase order for the credit statement for the whole amount, and then break down every category on statement. I know it’s a pain but as I’m very new to this I do by bank rec every month and input everything daily, apart from this.
Hope I make sense!
Hi @Claireabell
You can enter them like a purchase, but this would mean that your dates may be out.
I would recommend setting up a bank account for the credit card itself and entering the transactions there as they appear on your bank statement. It would make the recon easier too as you can then compare it against the original statement.
ok, as the statement has various items on ie fuel, materials, stationery when do you put where it goes against ie category code? as when you enter it just says reference, where as when entering on an order it gives you the category code.
Hope I make sense!
If I enter like on the example I’ve attached then the category and the payment to each item will work? its just I’m doing old school and highlight on the statement each category of fuel etc and itemising then entering the figures on this order…just till I get a grip of this whole system.
Hi @Claireabell
I’m not sure if i’m understanding your question correctly but if you’re entering a transaction then this gets posted directly to the bank account rather than to a specific nominal. These transactions can then be tagged to the Purchase Invoice etc. It is up to you what you type in the reference, you can be as detailed as you like with this.
Typically the transaction would match what it shows on your statement.
Hope this helps
Not sure if you saw this attachment as it’s sitting at the bottom of screen not sent.
Please see attached document, some said add a credit card to quick file.
Please advise as not to sure on this how to enter. It’s dated a month prior to it being taken from account.
Hi @Claireabell
Have a look at this guide : Managing credit cards in QuickFile
This may answer your queries, please let me know if it doesn’t and I will try to help as best I can
Hi
I’ve had a read and made a credit card bank account and entered all the amounts from the card into QF. IVE ATTACHED A POST TO SHOW THE PROCESS. ALSO IM VAT REGISTERED AND ABIT CONFUSED WHERE AND HOW THE VAT IS TAKEN FROM THE AMOUNTS WHEN ENTERED THIS WAY.
Forget the credit card statement for the moment - what matters from the point of view of your accounts (and in particular your VAT) is the actual receipts or invoices that your suppliers gave you for each thing you purchased.
In order to be able to reclaim VAT on something you must hold a valid VAT invoice of some sort from the supplier telling you the exact net and VAT amounts you have been charged (which may not be a formal invoice, it might be a VAT receipt from a petrol station or something like that, the point is it must show the net/VAT breakdown). If you have a receipt that doesn’t itemise the VAT then you can’t claim back the VAT on that but you can still treat it as a business expense (with the gross total in the “net” column and no VAT).
So for each invoice/receipt you would create a “purchase” in QuickFile with the net and VAT amounts as specified by the supplier on their invoice, and ideally attach a scan or electronic copy of the invoice to the purchase record via the Receipt Hub. If you paid for it by credit card then you mark the purchase as paid from the credit card account.
When you get the credit card bill at the end of the month you can use that as a cross-check against QuickFile’s view of the credit card “bank account”, and if there’s anything on the CC bill that isn’t recorded in QuickFile it means you’ve probably lost a receipt somewhere… The actual act of paying the credit card bill is just a bank transfer from your current account to the credit card account.
Thanks for your reply, so basically I have to input every item on the credit card statement as a purchase? (I have the receipts to match statement) to show vat charge. As this seems the only way to do.
Then when the direct debit goes out enter on the bank account and tag each purchase??
Hi again should I set up a bank account in qf called credit card?
Yes to creating purchases - that is the way to record VAT in QuickFile and the best way to keep everything straight (one supplier invoice equals one QF purchase - I even write the QFxxxx reference number on the paper invoice for ease of cross referencing).
If you don’t already have a “credit card” bank account then you will need to create one. When the DD goes out that is just a bank transfer to the credit card account - the actual payments against each purchase will have come out of the CC account at the point when you made the CC transaction to pay the supplier.
Many thanks I’ve set up a credit card account today and listed every transaction. Now I have got a minus figure (eg -£1000.00). Is this right and leave untagged until I now enter a purchase order for each and every item listed so it goes to the correct category etc?
Then when the money has gone out of the current business account tag each item to Credit Card account? But firstly do I enter ÂŁ1000.00 in the current bus account as an out payment?
Sorry I’ve repeated some bits but just want to clarify as very new to this system, hopefully In a few more weeks it will become much clearer.
Hi @Claireabell,
This is correct, so your credit card account will show a negative balance until the the direct debit is paid from your bank account.
This will be a bank transfer from your bank account to the credit card account which will then need to be tagged against the transactions listed on your statement for that DD collection.
I hope this makes sense?
Thanks
Beth
That will work for this month, but going forward it may be easier to use the receipt hub to create the purchase record for each receipt as you go along rather than leaving them all to the end of the month, and marking them as paid from the credit card account at that point. Then when you do receive your bill you can simply use that to cross-check against the transactions that will already be listed in the QuickFile credit card account (the dates may not match exactly but the amounts should line up) - if you keep on top of it you shouldn’t have to create any manual transactions in the CC account at all, as they’ll have been created automatically when you marked the purchases as paid.
When the money to pay the credit card bill goes out of your current account you simply tag that as a bank transfer to the credit card account - this will create the matching transaction on the CC side automatically. If you use a bank feed then that should have created the £1000 money out transaction for you, if you don’t then you will need to create it by hand.
P.S. We’re all talking here about “purchases” (sometimes referred to as purchase invoices - the record in your accounts of an invoice you received from a supplier after you’ve bought something), not “purchase orders” (something you send to a supplier to tell them what you want to buy). QuickFile does have a purchase order facility but it isn’t enabled by default.
