To record credit card purchases, you need to "pay" the vendor using the credit card liability account rather than a cash account. Later, you will pay the credit card vendor using the cash account.
- From the Tasks menu, do one of the following:
Sage 50 displays the Payments window.
Enter a reference number that identifies the purchase in the check/reference number field.
We suggest using a date followed by a sequential number. (For example, enter 031511-1 to represent the first credit card payment on March 15, 2011.) This will make account reconciliation easier to manage later.
Enter or select the credit card liability account from the Cash Account list.
Note: If you have the Hide General Ledger Accounts global option activated, Sage 50 will not display the cash account field in this window. To modify the cash account used for this transaction, you must click Journal.
Complete the remainder of the payment, making sure to enter a description that identifies the purpose of the purchase. Then, select save the transaction.
Note: There are several methods of entering vendor payments. The key point here is to change the cash account ID to the credit card account ID. See also Edit a journal entry using Accounting Behind the Screens