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!
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
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?
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
