Credit Cards - In order to record and track credit card usage create a general ledger liability account in the General Ledger Accounts program on the Setup menu. A separate account should be created for each credit card (i.e., Visa - Bank of America, Visa - Capital One, American Express, etc.).
Credit Card Purchases - In order to record a purchase on a credit card create a general journal entry in the General Journal Entry program. Credit the liability account for the appropriate credit card and debit the various expense accounts for the funds which will be charged.
Credit Card Interest/Service Charges - To record the interest charges or service charges to a credit card create a general journal entry in the General Journal Entry program. Credit the liability account for the appropriate credit card and debit the various expense accounts for the funds which will be charged.
Credit Card Credit Memos/Returns - To record a credit memo or product return create a general journal entry in the General Journal Entry program. Debit the liability account for the appropriate credit card and credit the various expense accounts (for product returns) or income accounts (for credit memos) for the funds which will be charged.
