Re: How to treat credit card transactions (to pay expenses) in cash based accounting
Thanks so much @JamesPaulE for the detailed reply! A few things I need to clarify from your instructions. In my specific example, I have a Master Card that I'm paying off with a credit union checking account.
6) When entering the bill, there isn't a field labled "Supplier". There is one for vendor, however. Is that what you were referring to? Secondly - when you metion "the bank institution" is that referring to the checking account I'm using to pay the credit card bill (the credit union)? Or the banking institution the credit card is from (Master Card)?