Credit Card Journals
ereid
Registered Posts: 28 Regular contributor ⭐
Please can someone help/advise on the following
Client pays business expenses/suppliers via credit card and own bank.
The credit card is set up amongst the Sage bank accounts, including his personal one. I have transferred payments to date.
But it occurred to me that there should be a journal for the interest, charges and capital repayment element of the credit card debt itself.
My journal so far
DR interest charges
DR charges
DR capital element ?? if so which account please and then where does the CR go????
Hope you can help me finish my journal, thanks
Client pays business expenses/suppliers via credit card and own bank.
The credit card is set up amongst the Sage bank accounts, including his personal one. I have transferred payments to date.
But it occurred to me that there should be a journal for the interest, charges and capital repayment element of the credit card debt itself.
My journal so far
DR interest charges
DR charges
DR capital element ?? if so which account please and then where does the CR go????
Hope you can help me finish my journal, thanks
0
Comments
-
Please can someone help/advise on the following
Client pays business expenses/suppliers via credit card and own bank.
The credit card is set up amongst the Sage bank accounts, including his personal one. I have transferred payments to date.
But it occurred to me that there should be a journal for the interest, charges and capital repayment element of the credit card debt itself.
My journal so far
DR interest charges
DR charges
DR capital element ?? if so which account please and then where does the CR go????
Hope you can help me finish my journal, thanks
I would do a journal of
For charges- not really a journal needed
Dr interest/charges- expense account
Cr credit card - sage bank ac
For cap repayment
Dr credit card- sage bank ac(to reduce bal)
Cr bank ac - most probably current account
Any other ideas anyone ???0 -
Please can someone help/advise on the following
Client pays business expenses/suppliers via credit card and own bank.
The credit card is set up amongst the Sage bank accounts, including his personal one. I have transferred payments to date.
But it occurred to me that there should be a journal for the interest, charges and capital repayment element of the credit card debt itself.
My journal so far
DR interest charges
DR charges
DR capital element ?? if so which account please and then where does the CR go????
Hope you can help me finish my journal, thanks
I wouldn't do this as a journal.
If his personal bank/ credit cards are set up as a bank account in Sage, I would just do a Bank>Payment to Interest etc.0 -
Sorry my teaching streak wascoming through again;)- computerised accounting, yes best to do these as bank payments....definately no need to Journals0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 324 NEW! Qualifications 2022
- 160 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 94 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 273 VAT
- 92 Software
- 274 Tax
- 138 Bookkeeping
- 7.2K General accounting discussion
- 201 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership