How to start using Sage 50 for credit card entries

Question

We are a small business but have a company credit card that we use to make a lot of purchases. When we started, our accountant had us enter our credit card purchases into an excel spreadsheet and then enter them in to sage using the general journal. I know this can be done directly in to sage but I&rsquo;m unsure how to start. Thanks!

Brenda - The Office · Answer

There are several ways.... but I go into the chart of accounts and add an account (if one doesn't already exist) for the credit card and include the last 4 digits in the name (in case there are several cards). In the Class Options tab, I change the Account Class to "Bank", save and close. Then, when you use the purchase journal to do your entries, you can choose the credit card in the "Paid from" drop down. All items posted this way will appear in the credit card's General Ledger account. When you make a payment to the credit card, CR the bank and DR the credit card account....you should be able to reconcile your statements easily.

Sage 50 Canada

How to start using Sage 50 for credit card entries

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