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aboveaverage203
Level 1

How do I record/categorize a lump sum credit card payment that covered multiple different expenses such as insurance, marketing, travel etc

 
2 Comments 2
Rustler
Level 15

How do I record/categorize a lump sum credit card payment that covered multiple different expenses such as insurance, marketing, travel etc

When the CC was used for those expenses you should have used enter CC charges

then you just pay down the CC bill

john-pero
Community Champion

How do I record/categorize a lump sum credit card payment that covered multiple different expenses such as insurance, marketing, travel etc


@Rustler wrote:

When the CC was used for those expenses you should have used enter CC charges

then you just pay down the CC bill


Absolutely correct. People often mistakenly presume they can only deduct credit card charges when they pay the bill, but even under accepted hybrid cash accounting rules you are entering into a borrowing situation with the credit card company. Each cc purchase is a micro loan from the cc company to you.  If you pay in full each month you may get away with 0% interest but your purchase date is the date of your incurred expense. 

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