Hello,
This might morp into 2 Main Questions
1st Question - My business has been up and running for about 4 months now. I opened a Bank Checking Account and a Business Credit Card Account. The credit card has a Main Account and 2 cards under/sub accounts. All my expenses are flowing in properly. However, I have made 3 credit card payments. When I run reports, the payments are showing up as a Negative Equity Amount in my Balance Sheet and trial balance. I guess how I would expect the accounting flow to work is a Payable against the credit card account vs expense as the monthly transaction flow and then a reduction of the payable when the cash is sent out the door to pay the bill. What am I doing wrong?
2nd Question - What is the typical monthly order of operations in terms of booking expense, tagging receipts and running the reconciliation reports? I suspect I clicked the reconcile button on one the accounts and I think that is what created the negative equity. So perhaps I am doing something out of order. I have chosen not to reconcile anything since. My flows are pretty simple, all expense are on Credit card or through online banking so I rarely issue a stand alone check that would be outstanding.
Thanks in advance for your help and insight.
