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I have just signed with accounting online software, I have small business with debit card and credit card.
The debit card links to the checking account which I use to pay all my purchases and credit card payment. I also use my credit card payment pay my checking account. Now most of my purchases I do with my credit card and then at the end of the month I pay off with my checking account.
My question is what are the accounting entries for the credit card purchases and later payments from the checking account.
for credit card entry
Purchase - Debit
Credit card - Credit
What would be for the checking account when I make the credit card payment.
thanks
The debit card links to the checking account which I use to pay all my purchases and credit card payment. I also use my credit card payment pay my checking account. Now most of my purchases I do with my credit card and then at the end of the month I pay off with my checking account.
My question is what are the accounting entries for the credit card purchases and later payments from the checking account.
for credit card entry
Purchase - Debit
Credit card - Credit
What would be for the checking account when I make the credit card payment.
thanks