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keepitsimple

Company Credit Card entered as Bank Payments in Bank Account. Is this the best way to enter these transactions or should I open a separate account?

SUGGESTED
Posted By

Hi everyone, I am a newbie and would really welcome some help with a few areas that I am struggling with?

I am taking over the bookkeeping for our company and in the process of learning SAGE. However, my predecessor had limited knowledge of SAGE and I'm looking to utilise the programme to its full capabilities. 

My first question is .... We have a company credit card with 4 separate users. We do not have a separate account set up for the credit card on SAGE and to date the transactions have been entered as Bank Payments again the main bank account 1200. The main distinguisher is the User is set up as the Supplier, Project Ref & Nominal Code. 

Do I need to set up a Credit Card account to make it easier for reconciliation of the 4 separate cards?

How do I move the multiple Bank Payment Transactions from the Main Current account 1200 to the new Credit Card account? Or do I need to do this?

I would really appreciate some help with my first challenge and any suggestions on best practices moving forward.

Michelle

  • 0
    SUGGESTED

    Hi Michelle,

    Thanks for using Sage City.

    You can have it set up how you like really. However, I would usually recommend having a separate bank account code set up in Sage so they mirror your real life bank accounts. Having them separate will help with bank reconciliation and general tracking of bank balances etc.

    To transfer from one bank account to another, go to bank accounts > click bank transfer from the top and fill in the fields as required.

    If there's anything else you need to know, please post another query on Sage City or reply to my response. I hope this helps. 

    If this has answered your question please click More > Verify Answer.

    Kind regards,

    Sean,
    Sage UKI

*Community Hub is the new name for Sage City