When using a credit card for accounts payable in Abacus Accounting, follow these steps:
- Step 1: Create a credit card liability account. Setting up the account for the credit card you use for accounts payable is a one-time setup activity.
- Step 2: Record credit card transactions. As you use your credit card for payables, you can record the credit card transactions as they occur. This sets up the liability to be paid, which happens in the next step.
- Step 3: Make payments on the credit card. Regularly, you will need to make credit card payments.
- Step 4: Download credit card statements. Download your credit card statements before reconciling.
- Step 5: Reconcile the credit card account. When you receive your credit card statement (or after you download it), you can reconcile the account.