Transactions > Transactions - Examples > How to enter credit card charges and payments
How to enter credit card charges and payments
AgExpert Accounting has an easy way for you to manage your credit charges and payments.
1. First let’s enter a credit card charge. This is done by entering a Withdrawal transaction. Click the orange + button above and click Withdrawal, or click Purchases on the left, Transactions, the New Transaction button and then Withdrawal.
2. Select the date the card was charged and then the supplier you purchased from.
3. Select the credit card under bank account.
4. Next select Expense and then choose the appropriate expense account.
5. Enter the amount that was charged, and select the appropriate tax calculation option if applicable.
6. Add a new row and repeat this step if there were other expenses charged at the same time.
7. Click Save and close or save and new to move on to the next charge.
8. While it might seem more convenient to enter all the charges in one transaction, for bookkeeping purposes it is always best to separate the charges as they occurred. This will also make reconciling the credit card much easier.
9. Next let’s enter a payment towards that credit card. This is done by entering a Withdrawal transaction. Click the orange + button above and click Withdrawal, or click Purchases on the left, Transactions, the New Transaction button and then Withdrawal.
10. Select the bank account that paid the credit card.
11. Select the date the card was paid.
12. For supplier you can either pick the bank account or the credit card itself.
13. Select CP Credit card payment for the row type, and select the credit card that was paid.
14. Enter the amount that was paid and click Save and close or save and new to move on to the next transaction.
15. There are two alternatives to entering credit card transactions.
a. The first way is to download your credit card statement file in a csv, Quickbooks or Quicken format format, clicking Banking on the left and Import transactions.
b. The second way is through our MyFarmConnect partner Plaid, by clicking Banking on the left, Bank accounts, connecting to a bank account and clicking the review button when pending transactions to import are available.
Last updated on July 2, 2024 by FCC AgExpert