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Paying multiple Credit Cards from Bank Account in one transaction

JasonKing

We have recently obtained 4 Business Credit Cards. The bank takes funds out of our savings account in one lump to pay off all of these.

Is there a way to do this transaction? If I use Transfer Money, I'd have to do each Credit Card payment separately and would like to avoid that if possible.

Thanks!

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Accepted answers

Isaiah_C

Hi @JasonKing,

In your scenario, since the bank takes the payment for all four credit cards as one lump sum from your savings account, you can record this using a Spend Money transaction. However, we highly recommend consulting your accountant to ensure this method is appropriate for your bookkeeping and reporting needs.

Regards,

Sai

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JasonKing

Genreve,

Thanks for your reply. We're not using Bank Feeds at all.

Would a Spend Money from the main bank account and coded to the Acct No. of the various Credit Cards work?

Genreve_S

Hi @JasonKing,

You can only match one bank feed transaction with one transaction in the file. To handle a lump sum, you should record it as a single transaction. The best way to do this is to record the transactions to the undeposited funds. Then make a single transfer from the undeposited funds account to the bank account of choice. With the correct dates and amounts, this should match without issues.

Regards,
Genreve