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
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: