I’m using Sage Online for my small business in Canada and I’m a bit confused about how to set up a credit card account correctly. Here’s my situation:

• I created a credit card account in the Banking section so I can do reconciliation.

• Sage automatically assigned account number 1070.

• I know that a credit card is a liability, so I assigned GIFI code 2362.

My question is:
Do I need to change the account number from 1070 to a liability-type number, or is it correct to leave it as 1070 and just use GIFI 2362?

I would really appreciate any guidance from people who have experience with Sage and Canadian accounting standards.

Thank you!