Managing your credit card accounts

WorkingPoint can help you manage your credit card account transactions so you can keep an eye on what you owe to your creditors. 

With WorkingPoint, you can:

Plus you can:

       

Recording a credit card charge

When you buy something and charge it to a credit card, you need to record your purchase in your credit card account.

To enter a charge:

  1. Go to the credit card account you used to make the purchase and click Record Transaction, then Credit Card Charge.

  1. Enter the name of the company you purchased goods or services from in the "Pay To" field.

  2. If you are purchasing services or non-item other expenses with this charge:

    1. In the Bookkeeping Account field, choose the account to assign to what you purchased.

    The account you choose helps you categorize what you are spending your money on. 

    For example, if you are the business owner and need some cash, you might choose Owner’s Equity: Draws to record the cash you took out of the business and enter how much you withdrew. 
    Or, if you used your debit card to buy office supplies, choose your office supplies account and enter the total for the supplies.
  1. (Optional) Enter a description of the item you purchased.

Descriptions might be useful to remind you what you spent your money for.  

  1. Enter the amount you spent.

  2. Click Add Line if you need to assign part of the purchase amount to another account.

  1. If you purchased items you track as inventory, check the "This purchase contains items to add to inventory" checkbox.

  1. Choose the item you are adding inventory to, or click to add a new item on the fly.

  2. In the Qty field, enter the quantity of this item you are purchasing.

  3. In the Cost Per Unit field, enter the cost to you for each unit.

This is the amount it cost you to purchase the item per unit.

  1. Press Tab and WorkingPoint calculates the total for that item.

  2. Click Add Line if you need to add additional inventory for items purchased.

  1. Click Save.

The total of the transaction should equal your charge receipt and will be recorded in your credit card account.

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Recording a credit card credit

You use the Credit Card Credit transaction to record credits you receive for your credit card provider or other merchants that reduce the amount of money you owe on the account. For example, your credit card provider may issue you cash-back rewards each month that reduce your balance or you may have returned goods/services to merchant for a credit on your account.

To record a credit card credit:

  1. Go to the credit card account you want to record a credit on and click Record Transaction, then Credit Card Credit.

  1. Enter the name of the merchant that issued the credit in the Received From field.

  2. Enter the date of the credit.

  3. In the Bookkeeping Account field, choose the account to assign to what was credited.

If the credit included a return of inventory items, be sure to also record an inventory adjustment.

  1. Click Add Line if you need to assign part of the credit amount to another account.

  1. Click Save.

The total of the credit transaction should equal your credit receipt and will reduce your credit card account balance.

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Paying your credit card bill

When you receive your credit card statement, follow the steps below to pay your bill.

To pay your credit card bill:

  1. Go to the Accounts List and then click on the name of credit card you are paying.

  2. Click Record Transaction, then Credit Card Charge to enter any finance charges or other fees charged on your statement. Show me how

  3. Click Record Transaction, then Credit Card Credit to enter any credits issued by your credit card provider, such as rebates or cash-back promotions, or from your vendors, such as credits for returned merchandise. Show my how

  4.  Click Record Transaction, then click Credit Card Payment to record your payment.

  1. Enter the name of the credit card company in the Pay To field.

  2. Select the payment method.

  3. (Optional) If paying by check, enter the check number.

  4. Choose the bank account you made the payment from for Record in Bookkeeping account.

  5. Enter the amount you are paying on the account this month.

  6. (Optional) Add a note for the entry, such as the statement date. You can also add a memo for the entire transaction in the Memo field at the bottom of the form.

  1. Click Save.

The total of the transaction should equal the total amount you want to pay on your credit card account. This amount will be deducted from your bank account and your credit card account balance will be reduced by this amount.
 

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