Entering/Paying a Credit Card Bill

Topic: Banking > Working with Credit Cards

Overview

When you get a Bill from the Credit Card company you can choose to pay it all at once, incurring no interest, or pay part of it, in which case you incur an interest charge. The Credit Card Bill Document allows you to record the details of the payment, and associated interest payment if applicable.

Prerequisites

Using salesorder.com the basics

Working with Credit Cards

Entering and Editing

Creating a new Credit Card Bill

From the Explorer click Banking->Credit Card Accounts this displays the current list of Credit Card Accounts. Click 'View' next to the Credit Card for which you want to enter/pay the bill. This displays the associated Credit Card Document. From the Credit Card's Action Bar drop-down click 'Enter/Pay' Bill (below).

Entering/paying a credit card bill

The steps in the diagram show how a Credit Card Bill is paid.

1.	Click on 'Enter/Pay bill' on the Credit Card Document. This will display a new Credit Card Bill Document.

2.	Enter a unique Ref # for the transaction here. By default the value is [auto] meaning that this number will be generate automatically. See Working with Reference numbers (Ref #).

3.	Enter the date of the transaction here.

4.	Enter the total amount due.

5.	Enter when the actual payment is due.

6.	Enter the amount you are going to pay (NOT including interest), also enter the amount of interest in the Interest Charged field.

7.	Select the associated account from the Chart of Accounts (usually an Expense account) to track the interest paid. The default account for interest payment is set up in the Account configuration. See Configuring Accounts for more information.

8.	Enter the payment details here (See Entering Payment Details for more information).

9.	Finally, save the payment.

Related tasks and information

Working with Credit Cards

Working with Memos