Handling Credit Cards in QuickFile

Hi there

I have just switched to QuickFile after using Sage Line 50 for many years, and as such am encountering the usual “teething problems” that always generally come with changing systems. I need to know how I can account for a couple of personal credit cards that we use in the business. So far I have created new bank accounts for the cards in their own names. I understand the process in QF on how to make payments to the cards from the current account however I am struggling to understand the processes involved in accounting for any purchases and interest/charges etc on the cards. Having sought advise from quick file support on this I have now done the following: created each credit card as a supplier on the purchase ledger and created purchase invoices for each months credit card statement showing any purchases and interest charged for the month for each card, I allocate these to the relevant nominal ledgers accordingly for each card. However how do I clear down this “supplier” balance on the purchase ledger as the payments I make from from the bank section against these purchase invoices do not reduce this balance in the supplier account?

The second part to this query is that if I have a month where no purchases were made on the credit card, and no interest has been charged for that month, how then do I account for any payment towards that month’s bill as, in essence, there is no “purchase” to create a purchase invoice for and as such no method to allocate the payment against?

Many thanks in anticipation for any help / support anyone can offer

Hi @barryjones

Have you created a bank account for each of the credit cards? There is a section on the bank view to add new accounts for these:

Once you’ve created your bank account, you can then tag any relevant purchases as paid from this account. For example, if I buy £100.00 of stationary on my credit card, I can mark this as paid from the Credit Card bank account:

This then puts the bank account as a negative balance (money owed):

At some point you then repay this money from your bank account, so you would need to record this too. On your account you paid from (we’ll use our current account as an example), you need to have a money out transaction for the value paid (in our case, £100.00), and tag it as a transfer to the credit card account

And then select your credit card account:

In terms of paying interest on this (should it arrise), you would need to tag it to a supplier. This guide will walk you through that process (click the title)

As you’d be transferring the money using the method above, there’s nothing to worry about. If there’s no activity, then you don’t need to record anything.

I hope that helps!

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