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  #1  
Old 09-19-2011, 12:52 PM
mtd081011 mtd081011 is offline
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Early Partial Credit Card Payment

We have been increasing our invoice payments with credit cards and I have come across a situation I am not sure how to post. I had to make a partial credit card payment before getting my CC invoice to stay under our limit. When I posted this payment I did it as a journal entry such as;

Debit Acct Pay (Classing it to my CC)
Credit Bank Account

This accounted for it in my Bank Statement when it was reconciled.

I now have a credit in my CC account I need to clear.

Any suggestions would be greatly appreciated since it looks I will be doing this each month.

Thanks.
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  #2  
Old 09-19-2011, 02:31 PM
Joe Williams Joe Williams is offline
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Are you entering the credit card charges as a bill to AP or as Credit Card Charges to a credit card type account.
It is easier to correct in you use one of those transactions instead of General Journal.
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  #3  
Old 09-19-2011, 03:56 PM
mtd081011 mtd081011 is offline
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I am entering the original bills as a CC Charge to a CC account and usually pay the entire amount each month. However, last month I had to make a payment before the end of the CC statement period. This payment showed up on my bank statement as a payment. I had to record the payment to reconcile my bank statement.
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  #4  
Old 09-20-2011, 01:44 AM
Joe Williams Joe Williams is offline
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When you entered the partial payment check so the bank reconciliation is correct, it should show in the CC account. When you set the CC statement, if the payment does not show, then do not mark it on teh reconcile screen. When you complete that reconcile you can cancel the Write Check screen so no check will be written or change the amount to the remaindure of the balance if you want to pay it off.
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  #5  
Old 09-21-2011, 08:49 AM
mtd081011 mtd081011 is offline
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I apologize for my first reply. It is incorrect. When I have a CC Charge I enter it as a bill to AP. When I receive my CC statement I go to Pay Bills and pay the entire amount. However, I have had to recently make partial payments during the month and this is what is causing me issues.
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  #6  
Old 09-22-2011, 03:02 AM
Joe Williams Joe Williams is offline
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Then if you enter the CC charges as a bill and make a partial payment, part if that bill will show as OPEN on the AP reports. You need to go to Pay Bills, select the CC bill and then click Apply Credit and apply the credit to the bill.
The next time you want to make a partial payment on a bill, use Pay Bills and select the bill and then change the amount so only part of it is paid.
When you make the next payment you need to check the first bill to pay the remainder then the new bill.
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  #7  
Old 09-23-2011, 10:35 AM
mtd081011 mtd081011 is offline
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Thank you. That is basically what I did. Everything worked out well.
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  #8  
Old 10-07-2011, 12:26 AM
noaha77 noaha77 is offline
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Very useful information..

thanks a lot guys..




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Last edited by noaha77; 10-19-2011 at 02:34 AM.
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  #9  
Old 10-08-2011, 10:27 AM
cojhl2 cojhl2 is offline
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An 02 here

I think you need to change the process to not intermingle the "Bills" process with credit card entries.

Use the Credit card account to record charges on it when they are made then pay the CC at reconcile time.

Your life will be much easier!!
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  #10  
Old 10-09-2011, 12:49 AM
Joe Williams Joe Williams is offline
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Correct!! Using the Credit Card type makes tracking and paying the CC easier.
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  #11  
Old 10-11-2011, 09:51 AM
mtd081011 mtd081011 is offline
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Thanks, I appreciate all the input. I will review updating our current process with CC's.
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