The below video will walk through how to handle credit card purchases from within Orchestrated Software.
When making payments using your credit card, you should accrue the balance to a Credit Card Liabilities account as you use it as a Payment Means. Then, just like in real life you'll make a payment on that account to lower the balance.
- You must have a credit card liabilities account in your Chart of Accounts. Modules > Financials > Chart of Accounts > Liabilities drawer. Most databases already have a Credit Card 1 and Credit Card 2
- Record an Outgoing Payment on an Invoice using the "Bank Transfer" tab on the Payment Means Screen (note there is a Credit Card tab on the Payment Means screen, however, it is a more convoluted version of the Bank Transfer tab. We recommend you use the Bank Transfer tab).
- When selecting your GL account, change to the Credit Card Liabilities account. Add the Payment.
- When you pay off your credit card, you'll create an A/P Invoice set to a "Service" type. Vendor is the credit card you're paying. The G/L Account is the Credit Card liability account that you are offsetting.
- Interest and Fees can be entered as another line item and set to a Fees or Interest G/L Account.
- Before adding, you can click the Payment Means icon in your toolbar and apply for the payment on the Bank Transfer tab - select the G/L Account you paid from (Checking for example).