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Level 1

Chart of Accounts/Vendors

We have a tool company in which we have a truck account and a credit account with. We pay each week. How do I set up this account to track payments and purchases as we purchase each week and pay towards the balance each week? Should it set up as line of credit account. Also we write one check each week and the vendor splits it between the two accounts. HOw do I show this split payment from one check?

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Best answer 11-02-2018

Best Answers
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Level 15

Chart of Accounts/Vendors

Yes, this would be a cardless "Credit Card" type of account. That way, you use Banking menu  > Enter Credit Card Charge, for each purchase. The payments are as Banking menu > Write Check, and list the credit card account as the Expense.

 

I don't know what is meant by Truck account and Credit account. If your payment has to be split, enter the data as two lines on the expenses tab to allocate to each account.

View solution in original post

1 Comment
Highlighted
Level 15

Chart of Accounts/Vendors

Yes, this would be a cardless "Credit Card" type of account. That way, you use Banking menu  > Enter Credit Card Charge, for each purchase. The payments are as Banking menu > Write Check, and list the credit card account as the Expense.

 

I don't know what is meant by Truck account and Credit account. If your payment has to be split, enter the data as two lines on the expenses tab to allocate to each account.

View solution in original post

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