Hi ellisc - all you have to do is enter the Shareholder account number.  If in the Purchase Journal, you still CR the company credit card but would DR the Shareholder account....meaning that the Shareholder is expected to pay this back to the company (or it will offset any amount owing to the Shareholder)

Hi ellisc:

Depending upon the type of business this individual has will determine the account to use. If it is a single proprietor you would use the owner withdrawals account, for a limited or incorporated business you would use the shareholder receivable account. Hope this helps!

Apologies for reviving a months-old thread, but I stumbled upon it while hunting for similar information. It's always helpful to see how others have dealt with similar situations.

Regarding personal purchases made on a business credit card, I agree with the advice given here. The shareholder account number should be used, and the purchase journal should credit the company credit card and debit the shareholder account. This means that the shareholder is expected to pay back the amount spent on personal purchases, or it will offset any amount owing to the shareholder.

By the way, I recently discovered a helpful resource for Banking & Finance information for UK companies at businessfinanced.co.uk. They have some great tips on managing finances for small businesses.

Hi

I added Visa for used Credit card for my purchase and use account payable and the expense that i want t to use for that Vehicle expenses  the system give me warning that the account class for one or more asset or payable accounts i selected is not set to credit card, bank, or Cash please change the class of those Accounts before linking them to a credit.

Could you tell me what i have to do please?

I'm not sure I'm following you but you will have to make a change in the General Ledger, in the Class Options tab.  Change the Account Class to "Bank".  Does this help?

Farah:

I am not sure if Brenda was clear enough, change the account class to "Credit Card" not "Bank".

My method is a bit different.  I like to choose "Bank" as the Account Class.  This will let you choose that particular account (in the example shown "Visa Payable-6742") from the drop down box beside "Paid From:" in your Purchase Journal.  For credit card entries, I make the payment method "Cash" and choose the card from the drop down.  

To reconcile, you can choose the General Ledger for the credit card account and change the to and from dates to match the credit card statement.  Been doing it this way for a couple of decades and is my preferred method.  Or, to use the Reconciliation and Deposits module, you'll need to set that up on the "Reconciliation and Deposits" tab and follow the instructions.