Credit Card to Bank Type

Oh no, please help me, I did something stupid 🙄

I had some bills that were entered under 'suppliers'. When I went to 'pay bills' with the Credit Card, it did not come up as an option. Only bank accounts did. I changed the credit card type to bank type. It let me do it. I realised I had done the wrong thing, but now it won't let me change the credit card, from bank type to credit card type.

I don't know what to do. The board will be very unhappy that it is showing on the balance sheet as a 'bank account'.

Any advice would be greatly appreciated.

Regards Jules

Comments

Kris_Williams

Personally I don’t have a problem with a credit card showing as a bank. You could just make sure the name of the credit card says ANZ Credit card and it will be easily identified. You can’t change it back to my knowledge. If you absolutely needed it back as a credit card you would have to do a journal and transfer the balance from the old - now bank account, to a new credit card account.

Acctd4

" ... I changed the credit card type to bank type. It let me do it. I realised I had done the wrong thing, but now it won't let me change the credit card, from bank type to credit card type ..."

Are you saying you paid the bills from a "Bank" account instead of a "Credit Card" ?

A (business) Credit Card should be tracked & reconciled like a bank account is so firstly - if you haven't already - create a Credit Card account in your Chart of Accounts. You'll then need to delete those incorrect payments & Pay Bills again using the Credit Card.

Kris_Williams

you could also restore a backup from before you changed it.

Acctd4

@Kris_Williams A credit card is a liability though (eg money owed) rather than an asset like a bank account (money held) so I prefer to have these reflecting accordingly when it comes to Credit Cards 😊

Kris_Williams

Yes I have used both ways, many times bank accounts are in overdraft and technically a liability, just suggesting a solution.

Julie Dinsdale

Thanks so much for the advice.

I will try to restore a backup, if I can't I will create a new credit card and journal the balance in.

Thanks again, I really appreciate all your help.

Regards Jules