Paying Bills with Credit Cards
In AccountEdge, you are able to pay your business bills with a credit card and track the credit card liability.
First, create a credit card liability account , 2-nnnn. Do this in the Accounts Command Center > Accounts List > New. Make sure you select 'credit card' as the type and that it is a detail account. Create a credit card account for each of your credit cards. You can also create a Vendor Card for each of your credit cards, like Visa, Master Card, Amex.
Next, decide how you want to track the expenses. You can enter a purchase. This would most likely be for the purchase of items for sale as part of your business, or any activity that you want to show up in Accounts Payable.
When it comes time to pay the bill, go to Pay Bills in the Purchases Command Center. Enter the vendor name you are paying. At the top left of the window, use the drop-down arrow to select your credit card to pay the bill. This will increase your credit card balance, and decrease the amount you owe the vendor.
Another option is to use 'Spend Money' from the Banking Command Center. With this option, you would use your credit card statement to book your expenses.
Using your statement, enter each line item on the statement. You can combine similar expenses. For instance, if you have 10 charges for restaurants, add them together and allocate to meals or entertainment expense. Book each type of expense on a separate line on the bottom of the check in the Spend Money screen. This will increase your credit card balance and increase your expense balances.
When you are ready to pay your credit card bill, go to the Banking Command Center > Spend Money. In the Card field, select your Credit Card; the vendor card you have setup. The 'Pay From Account' field should be the account you are disbursing from, typically your general checking account. Enter the amount you are paying in the amount field at the top of the check.
In the lower portion of the check, enter the credit card liability account you have created for this card, and enter the same amount in the amount column here. This will reduce your credit card balance.
Note: The scenario discussed here is not the same as Vendor Payments, which is an offered Business Service