normans_babe asked:
I am struggling with QuickBooks. When a credit card receipt comes in, I expense it to the account it belongs to, like automobile, building repair, etcetera. But when I make the credit card payment, what account would I expense that to? I’m new to QuickBooks, please help!
http://1mortgagecalculator.info
I am struggling with QuickBooks. When a credit card receipt comes in, I expense it to the account it belongs to, like automobile, building repair, etcetera. But when I make the credit card payment, what account would I expense that to? I’m new to QuickBooks, please help!
http://1mortgagecalculator.info
The entry should be a credit to cash for the amount paid and a debit to the credit card liability.
You don’t expense credit card payments. You set up an AP account for the card. When you make purchases you credit the AP account and debit the appropriate expense, purchase or asset account. Then when you make the payment you debit the AP account and credit cash. And don’t forget to credit the AP account for any interest and fees and debit the appropriate expense account.