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Recording Credit Card Payment from Bank Account
Recording Credit Card Payment from Bank Account
Recording Credit Card Payment from Bank Account
A school may decide to pay vendor invoices with a credit card and then pay the credit card company at the end of each billing cycle.
To record this process in PCR Educator, the following steps are recommended:
1. Follow the steps of Recording Vendor Invoice to record the purchase. You can debit an expense account and credit Accounts Payable. Example: If a school purchases laptops from Apple, the invoice would be associated with Apple vendor.
2. Follow the steps of
Recording Vendor Payment
to record the payment of the newly generated invoice with your credit card. . You can debit Accounts Payable and credit the expense account associated with your credit card.
3. Follow the steps of Recording Vendor Invoice to record the new balance from your credit card when you receive the statement. In this case, the vendor is your credit card company.You can debit an expense account and credit Accounts Payable.
4. Follow the steps of
Recording Vendor Payment
to record when you pay the credit card using the funds from your bank account. You can debit Accounts Payable and credit the Cash account.
5. Follow the steps of
Writing Checks
to print a check in case you are paying your bank with a check.
See also
Recording Vendor Payment
Vendor Payment
Writing Checks
Fund
PCR Educator School Information System is an online database engineered for schools and universities to deliver the highest level of flexibility, unique experience, transparent communication and customized design.
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