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Credit card statement , how to enter on quick file

#28

So from the look of those images you haven’t created separate purchases for each thing you bought, instead you’ve created one big purchase with Barclaycard as the “supplier” for the full amount of the credit card bill. This kind of works but Barclaycard isn’t really the supplier as such, they’re just the means you’ve used to pay the actual suppliers.

What we’ve all been suggesting in our earlier posts is that you forget about the credit card statement to begin with and focus on the actual invoices/receipts you received from the end suppliers. Create one purchase from each of these invoices/receipts (exactly as you would with invoices you’d paid by cash/bank transfer/direct debit) and mark them as paid from the credit card account on the date that you made the card payment to the supplier. You should then find that at the end of the month the “overdrawn” balance on the CC bank account in QuickFile is equal to the amount of your bill from Barclaycard.

When the money leaves your current account to pay the bill you tag it as a transfer to the CC account - you’re not purchasing anything from Barclaycard, you’re simply paying them back the money they lent you earlier in the month to pay your real suppliers.

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#29

Il try it this way on the next entry I do later on. In the mean time I’m not sure what to do about the entry on the system as unsure if it can be deleted and start again with it?

Thankyou so much for your time to help me.

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#30

You can safely delete any purchase record in QuickFile - to maintain the audit trail it stays as “deleted” rather than disappearing completely but it’s effectively gone and doesn’t affect your accounts any more.

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#31

this was the purchase or I raised

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#32

Right I think I have to go back to the drawing board and start again with this …I shall delete the purchase order and anything linked to this amount.

Try again when I’ve got a fresh head! Simple to people been on this system for a long time but just started a few days ago, so thankyou for your patience.

Think this is the best thing to do. Please can you reassure me that’s the best way!!! :pray::woman_facepalming:

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#33

Have you been and read anything on the knowledgebase @Claireabell? There’s a lot of step by step information in the guides there to get you started.

I would love to be more help but I am utterly confused by what you are doing so I can only imagine how you must feel. Just relax, and breathe…!

At the absolute worst case you can simply delete all the account data (transactions, invoices etc) and start from fresh so if you all you have in your account so far is this months bank and credit card statements/transactions that is really not much info at all to start afresh on, especially considering it would be easier to do it as per the guides. Along with the other ways I use Quickfile (as I think I have mentioned in previous posts) I also use the credit card statement exactly as per @ian_roberts has posted above.

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#34

Hi @Claireabell

Just to reiterate what @Lurch said here - the knowledgebase is a great place to start and often provides step-by-step instructions on how to take care of situations like this (with screenshots).

The exact guide for credit cards can be found in the link @QFBeth shared above, but for convenience, you can find it here: Managing credit cards in QuickFile.

Please do let us know if you need help - it’s why we’re here, as well as the rest of the community. But the guide is definitely a good place to start.

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#35

Hi
I am entering Januarys Barclaycard now, in the credit card account do I set that as the figure for the barclaycard or is it a nil balance.

I am creating invoices for the purchases for Dec and Jan and entering the amount of the date of the statement and paid from business credit card and method of credit card and market as paid.

I can now see the figure from the credit card account minus the amount being spent if your with me. Is this correct?

on the payments list they say credit card.

can you tell m the next step re linking the Credit Card or does that have to be done at the end when entered all the amount and tag to where???

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#36

Can you just clarify what you mean by “linking the credit card”?

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#37

jeez!!!

Right im inputting all the transactions from the Credit Card and entering paid from Barclaycard and method Credit Card. The credit card is always at zero when paid off at the end of the month.

I can see the Credit Card account adding up as money being taken off the Credit Card,. is this right… as i added the amount spend from the credit card thinking when payments were added it would count down to zero. Im now baffles with it all cause its just a simple someone shadowing you and you know what to do!!! im finding it hard.
Thanks for helping me

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#38

Do I put an entry in on a business account ie £1000.00 when the Credit card was paid…??? which ive done and it states tag me which Im hoping it will say Credit Card.

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#39

I think it sounds right so far.

I’m confused again, you started from zero so how do you expect it to end up at zero after you added transactions?

If you add all purchases then the balance will be at the monthly spend amount (a negative amount) and this should equal your bank transfer from your current account which would then make the credit card zero again. It is all in the posts above and in the guides linked.

Yes. You would enter a transaction on the current account and when you tag it you would click transfer between accounts and select the credit card.

I really think you should read the guides as there are screenshots and more info to follow. Also look at using the bank feeds and the receipt hub to make the whole thing a lot simpler.

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#40

perfect yes a negative amount is occurringand think im on the right tract now. Ive also entered a transaction on the current account when the Direct Debit got taken from the account. It now states a tag and it comes up with Credit Card …fingers crossed im nearly there. ive read and read stuff im not an accountant, a self taught book keep for my husband.

Thanks appreciate your time.

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#41

Also what was confusing me I entered £1000.00 on the Credit Card account thinking the amount would come down to zero!!!

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#42

Well, you could do it that way as the bank transfers work both ways so you could do it with a money in rather than money out transaction. People will generally be uploading statements or using the bank feed for the current account so the transaction will be sat on the current account side waiting to be tagged hence why I think most posts and guides refer to doing it this way.

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#43

if i opt for the bank feeds, will it pick up if anything is duplicated by mistake ?

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#44

If you have everything reconciled to a certain date you can set the start date of the bank feed to avoid duplications.

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#45

Hi It worked!!!

do I need to do anything else as all takes and matches up lol.

On the Credit card site…will continue to show the payments or do you clear it down ready to input another?

Thanks sorry its late

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#46

Nope, that’s it, just carry on doing that. No need to clear anything down.

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closed #47

This topic was automatically closed after 7 days. New replies are no longer allowed.

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