Credit card in pastel

[Lindi15173]

Hi

I dont want to sound very doff, but I really need help with processing a credit card statement in pastel. I have already created the cash book, but where too from there?

Please, any advise will be welcome.

Thanks

[dellatjie]

Well, to start off with, you need to put an opening balance in, unless it is a brand new credit card. If you owe the bank, the balance will be entered on the payment side, if the bank owes you, the balance will be entered on the receipt side, usually by using the 9990/000 acccount as a contra account.

All expenses and bank charges and interest will be processed on the debit side.

All payments made toward downpayment of the credit card will be made on the receipt side BUT...

Beware of intercompany accounts. If payment is made from an account already saved as a cashbook in Pastel, you need to use a transfer control account. When processing the payment towards the credit card from the business account (for example), you will use the transfer control account as a contra account on your payment side. When processing the receipt in your credit card's cashbook, you also use your transfer control account.

Therefore, after all transactions have been processed on both sides (business and credit card), the transfer control account should be ZERO.

[Mike C]

One of the frustrating things that I found when I was using a cash book for Credit Cards was that it was always running a month behind ... the payment for the credit card in June (in your current account cash book) is for purchases made in your Credit card cash book in May. Once you come to terms with that it gets easier.

[dellatjie]

I agree.

I don't know if any of you have had a similar experience: if you post the payment from the current account directly to the credit card, it does not appear on the bank recon.

That is the reason I am using the transfer control account-method. Does anyone have another way of addressing this problem?

[Mike C]

Does anyone have another way of addressing this problem?

I think that doing it via a transfer control account method is the only way of doing it so that it reflects in the bank recon.

[Lindi15173]

Thank you for all your help!!!