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EBFinancials
Level 4

Paying off a card | Type of transaction

1. How do I classify a payment of a company credit card - Is it Money Transfer?
2. What type of account in the chart does it go to?

Solved
Best answer May 15, 2020

Best Answers
john-pero
Community Champion

Paying off a card | Type of transaction

Like @BigRedConsulting said.

 

Paying a credit card company is not an expense but a loan payment. Your monthly cc balance is the result of a series of microloans from the cc company. What and when you charged is your expense

View solution in original post

2 Comments 2
BigRedConsulting
Community Champion

Paying off a card | Type of transaction

RE 1: Depends.  How did you pay it? If you paid by check, enter a check.  If you paid by ePayment, you can enter a check with a check number like "ACH" or similar, or enter a transfer transaction.

 

RE 2: The type of accounts is a Credit Card account, the account where you've recorded your Credit Card activity.  I call my something like "Chase Visa" or similar, so I can keep the several cards strait in my head.

john-pero
Community Champion

Paying off a card | Type of transaction

Like @BigRedConsulting said.

 

Paying a credit card company is not an expense but a loan payment. Your monthly cc balance is the result of a series of microloans from the cc company. What and when you charged is your expense

View solution in original post

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