I am setting up my books and have beginning credit card balances. I set them up as a vendor with opening balances which created uncategorized expense. Now I see there are credit card accounts. Which is the best way and how do I correct if I change.
You will want to create the credit card account in your chart of accounts. If you are setting up a new set of books for 2012 and the cc had a previous balance it would come from your opening journal. That opening entry could come from another accounting program, tax return balance sheet, etc. If you have no opening entry you can simply make an entry dated 12-31-2011 and use the account retained earnings. You can use the same account for your opening balance for your bank accounts.
Basicially that is saying this was from previous years income/loss.
