Payments to a monthly Trade Account

Hi, hope I can word this clearly!

I have a credit account with TradeUK (incorporates companies owned by the Kingfisher group B&Q, Screwfix, Tradepoint etc)

I make purchases throughout the month and use the TradeUK card account to pay for each individual purchase. Should I raise a new purchase record for each individual purchase, or raise a single monthly purchase record when I receive the monthly statement from TradeUK?

I ‘assume’ I only need to raise a monthly purchase record…

In which case, I again assume I will need to create a new supplier called TradeUK, although I’m making purchases from B&Q, Screwfix, etc

Thanks

You would log purchases for each individual purchase. Obviously this is not going to match your bank which will show a single debit each month for all purchases. Is exactly the same as how you would handle a credit card in Quick File, so basically you would set the TradeUK card up as a bank account (Type = credit card), log the individual purchases as paid from this account and then when you pay down the balance, make a transfer from the current account to the TradeUK account.

Hope that helps!

Thanks Glenn,

Answer sounds obvious now you’ve said it.

Brilliant clear reply, guess i’ve now got hundreds of payment to type in… I need a secretary :smiley:

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