Bill paid with credit card, and booked with journal entry

CarAccountBooks · ‎June 07, 2024

Hello, I have booked the following: DR $99.98 to Telecom expense acct. and CR to credit card payable (with other entries as well from the credit card) to book our credit card payable. I also have created a bill for the $99.98 for Telecom expenses which debits Accounts Payable account. How can I book the bill as "paid" without double booking the Telecom expense account?

Thank you in advance!

Rainflurry · ‎June 07, 2024

@CarAccountBooks

Remove the $99.98 debit to Telecom Expense and credit to CC Payable on the journal entry (JE). If you want the bill to show as paid and keep the JE as it is for some reason, you can create a journal entry that debits CC Payable and credits Telecom Expense for $99.98. That will reverse the double-booking of the JE and bill.

View solution in original post

Rainflurry · ‎June 07, 2024

@CarAccountBooks

Remove the $99.98 debit to Telecom Expense and credit to CC Payable on the journal entry (JE). If you want the bill to show as paid and keep the JE as it is for some reason, you can create a journal entry that debits CC Payable and credits Telecom Expense for $99.98. That will reverse the double-booking of the JE and bill.

CarAccountBooks · ‎June 10, 2024

Thank you! I'll try that!

JessT

Hi Rainflurry!

I'm glad you're helping the OP on how to book their transaction. We really appreciate you for always sharing your expertise in the Community. Have a good one!

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Bill paid with credit card, and booked with journal entry