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Evo-ERP and DBA Classic >> Accounting >> Transfering Credit Card Balances
http://www.istechforum.com/YaBB.pl?num=1078940248

Message started by BleuPhoenix on 03/10/04 at 09:37:28

Title: Transfering Credit Card Balances
Post by BleuPhoenix on 03/10/04 at 09:37:28

We use several different credit cards to pay for business expenses and on occasions we tranfer balances to a new credit card with lower APR. Since the items oringinally charged have already been posted to the correct GL account how do I transfer amounts from one vendor to another and do I do it through GL or AP???? HELP :-/

Title: Re: Transfering Credit Card Balances
Post by Lynn Pantic on 03/10/04 at 16:08:53

By the time you are transferring balances, the original vendor and account the charge was made for are immaterial. I am not sure how you are processing the original charges but if you set up a Liability account for Credit Card Due then make it a dummy "checking account" and use it to pay the original vendor and post to the inventory or expense account. Then that total liability in Credit Card Due doesn't really care which card it is against so there is really no transfer to be made. Just post to that liability account when actually processing the check to pay a credit card.