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Entering/Paying a Credit Card Bill

Two options are available for a Credit Card Bill:

  1. Settle in full, incurring no interest, or
  2. Pay part of it, in which case you incur an interest charge.

The Credit Card Bill Document allows you to record the details of the payment, and associated interest payment, if applicable.


Working with Credit Cards

How to create a new Credit Card Bill

  1. From the Explorer click BankingCredit Card Accounts.
  2. The current list of Credit Card Accounts is displayed.
  3. Click ‘View‘ next to the Credit Card for which you want to enter/pay the bill.
  4. This displays the associated Credit Card Document.
  5. From the ‘Actions‘ drop-down menu click ‘Enter/Pay‘ Bill (as shown below).

Entering/Paying a Credit Card Bill

Entering/Paying a Credit Card Bill

The steps in the diagram show how a Credit Card Bill is paid:

  1. Click on ‘Enter/Pay bill‘ on the Credit Card Document. This will display a new Credit Card Bill Document.
  2. A reference number is auto-assigned. See Working with Reference numbers (Ref #). You can change it if preferred.
  3. Enter the transaction date.
  4. Enter the total amount due.
  5. Enter when the payment is due.
  6. Enter the amount you are going to pay (NOT including interest), also enter the amount of interest in the Interest Charged field.
  7. Select the associated account from the Chart of Accounts (usually an Expense account) to track the interest paid. The default account for the interest payment is set up in the Account configuration. See Configuring Accounts for more information.
  8. Enter the payment details (See Entering Payment Details).
  9. Save the payment.

Also Read About

Working with Credit Cards
Working with Memos