Set Up Credit Cards for Sales

Related topics

Add, change, or remove a credit card that your company uses

Switch to single-user mode (Sage 50 Premium Accounting)

If you are planning to track credit card transactions in a foreign currency (Sage 50 Premium Accounting), turn on the Allow Transactions in a Foreign Currency option and set up your company to conduct business in a foreign currency.

Sage 50 Premium Accounting)

When you select a currency, Sage 50 Accounting creates an association between the credit card, its transactions, and the foreign currency bank account used to track all the money, recording all transactions in a single currency.

Although Sage 50 Accounting allows a credit card linked to the home currency to accept all other currencies, these transaction amounts in foreign currencies will be converted to the home currency. Also in reports that show foreign currency balances, any transaction amount converted to home currency is not displayed as a foreign currency amount. You would find it useful to link a foreign currency to a credit card that is only used for transactions in that currency.

To learn more benefits of foreign-currency bank accounts, see: Working with Foreign Currency Banks Accounts.

Set up a credit card that your company accepts for sales

  1. In the Home window, on the Setup menu, select Settings. Open Company, Credit Cards, and then Accepted.
  2. Type the Credit Card Name on a blank line.

    3. Tip: If you are planning to add multiple cards that track different currencies, you might want to add the currency's three letter code to the credit card name to differentiate between the cards. (Sage 50 Premium Accounting)

  3. Click Finder icon to select a Currency in which you want to track money owed to you from the credit card transactions. For example, if you want to track all transactions in Canadian dollars only, select CAD. Click Select to save and close the window. (Sage 50 Premium Accounting)

    4. Note: Changing or removing a currency after recording credit card transactions may cause discrepancies in reporting.

  4. Click Finder icon to select an Asset account to track money the credit card company owes you.
  5. Type the Discount Fee your credit card company charges for transactions.
  6. Click Finder icon to select an Expense account to track discount fees.
  7. Click OK.

Change the accounts used to track a credit card your company accepts

  1. In the Home window, on the Setup menu, select Settings. Open Company, Credit Cards, and then Accepted.
  2. Select the credit card you want to change an account for.

    3. Note: Changing or removing a linked account after recording credit card transactions may cause discrepancies in reporting.

  3. Click Finder icon to select an Asset account to track money the credit card company owes you.
  4. Click Finder icon to select a Expense account to track discount fees.
  5. Click OK.

Link a currency to a credit card to track customer credit card sales (Sage 50 Premium Accounting)

  1. In the Home window, on the Setup menu, select Settings. Open Company, Credit Cards, and then Accepted.
  2. Select the credit card you want to change.
  3. Click Finder icon to select a Currency in which you want to track money owed to you from the credit card transactions. For example, if you want to track all transactions in Canadian dollars only, select CAD. Click Select to save and close the window.

    4. Note: Changing or removing a currency after recording credit card transactions may cause discrepancies in reporting.

  4. Click OK.

Remove a credit card that your company used to accept

  1. In the Home window, on the Setup menu, select Settings. Open Company, Credit Cards, and then Accepted.
  2. Select the Credit Card Name and press Backspace.
  3. (Optional) Select the credit card's Currency and press Backspace. (Sage 50 Premium Accounting)
  4. Select the credit card's Asset Account and press Backspace.
  5. Select the Discount Fee % and press Backspace.
  6. Select the credit card's Expense Account and press Backspace.
  7. Click OK.