UK Treatment of Credit Card payments

[Ickle]

Hello all,

How should I deal with the double entry for a credit card account? By creating a credit card supplier or by treating it as a bank?

Could someone help with the double entry postings I should make please?

Thank you

 

[Fidget]

How you do it depends on the volume of use of the cards and the pattern of use. If it's not much on a monthly basis and made up of ad-hoc purchases then a sundry creditor account would do. The entry would be to:

Dr all relative expense accounts with the value of the purchases
Cr Sundry Creditor account with the total

When the bank payment is made, presumably in full the following month:

Dr Sundry Creditor account
Cr Bank