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Record credit card transactions

Created on  | Last modified on 

Summary

How to create a special bank account to track credit card transactions in Sage Accounting.

Resolution

We recommend that you create a special bank account to track credit card transactions. This will also help you track spending on credit card.

Some credit cards also have a bank feed. Linking your credit card to a bank feed will allow you to automatically import transactions directly from your credit card and ensure your transactions are always up to date.

What you need to do

To record credit card transactions, we recommend that you:

  • Create a bank account to manage your business credit card. Make sure you also enter your opening balance. This is the balance of your credit card when you start entering transactions into Sage Accounting
  • Optional - create a new ledger account for credit card charges and interest, to keep them separate from other bank accounts. If you're happy to record charges and interest for all bank accounts in a single ledger account, miss this step and record the interest and charges when you reconcile the account
  • Reconcile the credit card transactions in the bank account when you receive a statement