Reckon Accounts Hosted - How to enter an expense paid for by private credit card

Beverly Cassidy

I am very new to Reckon Accounts Hosted so please excuse me if this has been asked before but I can not find the answer to the below.

I have just purchased a company and we are using our private credit card to pay for expenses.

My accountant told me to set up a Liability Account to show that we have loaned the company the money to pay for these expenses.

I need to know how to manually enter the expenses paid for out of this loan account, allocating each expense to the correct expense account.

I then will need to know how to pay back that loan out of the Business Bank account in one bulk payment rather than as individual transactions.

Does that make sense? 

glendaveale

I have the same with one of my clients. I set up a new credit card in the chart of accounts called - Personal credit card. I enter all purchases using this card and then at end of month write cheque to pay credit card and transfer money from bank account to personal bank account. You could also set up liability account and use this and then when you pay it back write cheque to the liability account. Hope this helps. Glenda

Shayne McNamara

We may not be doing correctly and not sure who this would work in Australia but we are on a cash basis so we only claim GST when we pay so all we do with credit card reimbursement (or even reimbursement for cash expenses paid personally is enter a bill and code each of the expenses to the relevant expense item and then pay that bill.  You are only reimbursing.  Cheers

Jacqui Allen

If you do not wish to pay the credit card from the business, rather treat it as a loan to the company you can simply do a transfer to clear the credit card each month
transfer from "Directors Loan (liability account) to the credit card for the balance at eom.