Crediting an account

[jcard]

I need help!! I have to enter our credit card into powerchurch from several different accounts. I am trying to add a credit that was given to us by the CC company. My problem is my debits are larger than my credits and they will not equal the amount of the check we send to the CC company. How do you add a credit and have it come out to the amount you pay to the CC company. i hope this not completely confusing.

[JohnDMeyers]

You can enter the credit card account as a liability.

When the credit card is used, get the receipt for the purchase and enter the purchase using the liability account, and an expense account for that purchase.

For example, buying $15.00 in office supplies, $40.00 in books, and $70.00 for toner :

CR 01-2130-000 credit card $15.00
DB 01-5450-000 office supplies $15.00

CR 01-2130-000 credit card $40.00
DB 01-5678-000 Sunday School Books $40.00

CR 01-2130-000 credit card $70.00
DB 01-5486-000 printer toner $70.00

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Then, when you make a partial payment to the credit card company of $55.00
CR 01-1110-000 checking $55.00
DB 01-2130-000 credit card $55.00

Which leaves a balance of $70.00 on the credit card liability line.