User Support Forum

I'm still getting my feet wet a bit with the accounting module, so be easy on me

I'm having trouble understanding how to enter a revolving account (like credit cards or in-store accounts) invoice, and then credit it appropriately. For instance, if I have a credit account with a vendor that has a balance currently of 100.00 and I get a new invoice that shows 20.00 in additional purchases (those I think i can figure out), but we pay 50.00 toward the total bill. How do I balance out the remaining 30.00? Do I have to create another expense account or am I overthinking this. Also, if I enter in the balance on the account in the vendor record, does it get debited when I enter an invoice and make a payment? I'm cornfused!

Also, in that same vein, when I make a payment for a loan (like a vehicle or a mortgage) how to I get it to debit the balance when I enter an invoice, or authorize the recurring payment?

Is there some kind soul out there that will hold my hand for a bit and help me figure this out??

TIA
-Steve

The Accounts Payable module currently is not set up very well to keep track of credit card purchases. This is actually a feature that I hope will be in a future upgrade of PC+, as so many churches are using credit cards these days. In order to track credit card purchases in PC+ you will need to set up a liability account for the credit card on the chart of accounts. Then when you charge purchases to that card input them in Accounts Payable as a manual check (not an invoice) against the vendor you made the purchase from. Recommend you use a unique reference number on the manual check (e.g "CC" in the first two digits) to distinguish credit card purchases from actual checks written to that vendor. The debit account will be to the expense account and the credit account will be to the liability account you set up for the credit card. Then, when the credit card bill comes in create an invoice for the entire amount of the bill (or the amount you plan to pay). The debit account will be the liability account and the credit account will be your checking account. The liability account in Fund Accounting will keep track of the outstanding balance on the card.

The same concept holds when making loan payments. Instead of debiting the expense account when you enter the invoice you need to debit the liability account instead. This will reduce the loan balance on the account in Fund Accounting. The initial loan balance must be input in Fund Accounting against the liability account to set it up.