I need to enter my credit card purchases and payments. However, I do not fully understand how to assign the correct accounts. I do not understand why there is an offset entry in the register and what to do with it. Please help
You enter the same sort of accounts as you would when you enter checks in your bank account. For example an purchase for gasoline might be "Fuel" in your chart of accounts.
Thank you for your response however, I don't think I was specific enough. Regarding credit card purchases and payments. I understand that I set up a CC account on my COA, what I need to know is this: When entering payments, there are 2 entries, one for the payment and one for a charge. I do not understand this. And I do not know what to put in the Payee section (the name of the CC company or something else) and I do not know what to put in the account coding section on each. Could you explain this a little futher. I know I am making it more complicated than it is. Thanks again.
When entering credit card transactions there is an option for a charge and a credit. A charge is a purchase (what you normally do with a credit card) and a credit is a return where a vendor who has charged you puts money back on your card.
A third type of transactions happens when you reconcile the credit card, and you are given the opportunity to create a check written from your bank account to pay all or part of the the credit card balance.
