Personal Expenses - Limited

Question

I just set up a company (Limited) and now I am not sure how to post personal expenses (VISA Card). I was wondering if someone can give me an advice which account number I could use for following transactions: 
 - Consulting firm invoice for preparation of the Income Statement 
 - Restaurant expenses. 
 Can I use the General Journal Transaction Entry to post all VISA Card transactions? 
 Thank you in advance! 
 Chris

Agate · Accepted Answer

Chris: 
 I would suggest if this Visa is used for business to set it up as a credit card in Sage. Once that is done then the charges can be entered in the payables section as you enter other purchases with one exception. Instead of pay later or cash or cheque you would use the Visa credit card method of payment. 
 For accounts to use for consulting, use accounting & legal 5610 and for restaurant expenses use travel & entertainment 5785. 
 I would not use a general journal transaction to post Visa card transactions. 
 I hope this helps!

Sage 50 Canada

Personal Expenses - Limited

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