Another Credit Card payment question

japanesestallion · ‎October 06, 2020

I have a business, and I have both business checking & business credit card from Fifth Third Bank.

I made my business credit card payment online by logging in to my 53 bank online account.

So if I paid $1000 payment ($500 office supplies, $200 insurance, $300 travel), I will need to categorize them.

Do I categorize and split under my Fifth Third checking, because it's part of my AP?

Or do I categorize and split under my Fifth Third Credit Card?

Or do I click on the RECORD AS CREDIT CARD PAYMENT?

MarshallA · ‎October 06, 2020

Hello,

For recording the business expenses, use whatever method you used to pay the expense.

So if you "charged" the business expenses on your credit card, record them on the credit card.

Then, when you pay down your credit card, record it as a "pay down credit card" and pay from your checking account.

This way the expenses are recorded only once on your credit card and the checking account is used to pay down the balance on your credit card.

japanesestallion · ‎October 06, 2020

So would I split my expense on my Bank side since it's AP?

And on my credit card side, receive as "credit card payment?"

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