Chart of Accounts

chart of accounts the details on my credit card my charges are increasing my balance total instead of coming off and all my payments are coming off my balance total and not adding to my balance total how do I fix this please

Comments

Sue Spindler, Eicor Resources

What you describe is exactly what I would expect to happen for a credit card type account in Reckon Accounts, the credit card charges increase the balance and the payments decrease it. Can you clarify what version of Reckon you are using and where you are looking at what you call the 'balance total'?

Kevin Silberberg

Sue is quite correct. Each credit card purchase increases the liability which is reported as a positive number in the General Ledger account for the particular credit card. When a payment is made, the credit card liability is reduced by the amount of the payment.