Managing credit card payments

Accounting
1

Hi

I use a credit card that I can not upload the statements from.

How can I post the supplier payments I make by card at the end of the month so that they show the 1 payment and not individual invoices (so it looks like my actual statement) please?

Thanks

2

Hello @clarkes.electrical

The invoices you pay using the credit card would still be paid using the credit card account then you would create a Money In transaction on the credit card account and tag it as a bank transfer from you bank account to the credit card account (which is for the payment you make when you pay off the credit card).

3

Thanks Steve but /I dont see how this would work as if, for example, I
have 4 invoices for the same company that are £200 each so totalling
£800 and then an invoice from a different company for £200, if I tag a
transfer of £1000 from my bank account to the credit card account the
invoices would still show as outstanding on the supplier account ?/

/
/

/Thanks/

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/Michelle
/

4

Hello Michelle

There are 2 ways to process this

  1. Paying the invoices
  • Open each invoice > Log payment and pay using the credit card account
  • When you pay the money out of your bank (pay the bill) tag it as a transfer to the credit card account (clearing the balance)
  1. Entering the payments
  • Manually enter the payments you make on the credit card account
  • Tag them to the relevant invoices
  • When you pay the money out of your bank (pay the bill) tag it as a transfer to the credit card account (clearing the balance)