Record credit card transactions

1. From Banking, then click New then Bank Account.

2. For the Account Type list, choose Credit Card.

   This adds a credit card icon to tile to help you identify it.

3. Enter an account name to help you identify this as your credit card.
4. Enter the remaining details if required.
5. Click Save.

Enter an opening balance

It's likely that you will already have a amount on your credit card. You now need to enter this as an opening balance to make sure your balances match up.

Read more about bank opening balances

1. Choose the Add Opening Balance link.
2. Enter the balance of credit card as the
   • Card Balance. If the credit card has a positive opening balance. This when you have a positive balance with your credit card company.
   • Overpayment. if the you owe money on your credit card account This is the most likely balance to have for a credit card.

Connect to a bank feed

Choose Save and Connect Bank to connect directly to credit card account with the bank.

Once connected, import transactions directly from you credit card account. This will

• save time as you no longer have to enter transactions manually.

• make sure you only record transactions cleared by your bank.

• make sure your credit card balance is up to date

• speed up reconciliation, as imported transactions are marked ready to reconcile.

Read more about bank feeds

If you haven’t already, create a new ledger account to record the amount paid in charges and interest on your credit card.

1. Go to , then in Financial Settings, select Chart of Accounts.
2. Select ledger account and complete the following information:
   • Name - give the ledger account a name such as credit card charges.
   • Display Name - this is just the name to show on reports and lists.
   • Code - give the ledger account a code. If you're using our default chart of accounts, we recommend that this is between 7000 and 7999, such as 7901.
   • Category - choose Overheads. This is to make the sure the amount is reported as an expense on your profit and loss report.
   • Tax Rate - Choose Exempt. Tax is not applied to bank charges and interest.
   • Visibility - leave the defaults as selected. This just determines which transactions the Ledger accounts can be used with.

3. Click Save.
   

If you credit card is not connected to a bank feed, you'll need to manually enter your credit card transactions.

Or, alternatively, consider importing them from your credit card statement.

If you're paying a vendor bill , use the VendorPayment option. This allow you to match the payment with the invoice.

For other expenses, use the (Undefined variable: Terms.Other Payment) option.

1. From Banking, open the credit card account.
2. Choose New , then Expense / Payment
   1. To pay a vendor, select Vendor Payment.
   2. For any other payment, select Other Payment.
3. Enter the details of the payment:

You must enter the

• Bank Account

• Date Received

• Amount Paid

• Ledger Account - choose a ledger account to categorise what you've bought, such as office supplies.

• Details

• Tax rate and Tax amount, if applicable.

4. If the payment was for several items relating to different ledger accounts, or with different tax rates, enter these on separate lines.

   Don't forget, the total value of all the separate lines must add up to the total value of the payment.

5. Click Save.
   

When you reconcile your credit card statement with Sage Accounting, if you want to record your credit card charges in separate ledger account, enter them as an Other Payment.

Otherwise you enter the charges when you reconcile.

1. From Banking open the credit card account.
2. Select New , Expense / Payment then choose Other Payment .
3. Enter the details of the charges or interest
4. Paid from Bank Account - choose your credit card account
5. Method - the Credit Card option is probably the most relevant
6. Date Paid
7. Ledger Account - Choose the ledger account you have just created for credit card charges
8. Tax Rate and Tax Amount - choose Exempt.

* These details are compulsory.

As you use money from another bank to pay your credit card bill, record this using the Bank Transfer option.

1. From Banking, choose New, then Bank Transfer.
2. Enter the details of the transfer and Save. You must enter the following
   • Paid from Bank Account - the bank account you paid your credit card from.
   • Paid into Bank Account - your credit card account
   • Amount Transferred
   • Date Transferred

If you been refunded some money on your credit card, you'll need to record this too.

If you credit card is connected to bank feed, you cannot record the refund directly from bank feeds. Discard the refund from your bank feed, then enter it manually.

Record a money in refund

1. From Banking, open the credit card account.
2. Select New, then Sale / Receipt.
3. Choose Other Receipt tab, then the Enter a refund for a purchase link.
4. Enter the details of the refund.

Record a money out refund

1. From Banking, open the credit card account
2. Select New, then Purchase / Payment.
3. Choose Other Payment tab, then the Enter a refund for a sale link.
4. Enter the details of the refund.