GreeneStep Help - Credit Card Purchases Accounting and Payment

Payments for purchases using the Company's Credit Card

Credit card purchase accounting and payment report gives you an overview of all the financial transactions done using a credit card in your business.

General Ledger Account: Create a GL Account (Say: Paytrace Purchase Credit Card Account) as a Bank Account. This must be a Liability Account as it is an outstanding amount and must be paid. This Account can be exclusively used for accounting Credit Card Purchases.

Menu Path: Accounting > Masters > Accounts

Enter the Account Code and Description
Select the Parent Account

Payment Method

Create a Payment Method for CC Payments.

Menu Path: Finance > Masters > Payment Method

Enter the Code and Description, Select the Account Type, and Card Type

Payment on Purchase Invoice

Create a Purchase Invoice and make payment using the above Payment Method.

Menu Path: Purchases > Purchase Invoice > Menu > Payment > Pay

Select the Payment Method

Payment to the Credit Card

While making a payment to the Credit Card, create a Payment Journal and check Miscellaneous payments by debiting the Paytrace account and crediting the Bank Account. Payment Journal is created when you receive a statement from the Credit card company for settling the outstanding amount.

Menu Path: Finance > Transactions > Payments

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