Setting Up Credit Card and Loan Accounts
Big Business identifies the following types of Bank Accounts:
Cash
Checking
Credit Card
Loan
Savings
When creating a new Bank Account, do so only in the Bank Card tool. Setting the Bank Account Type determines the way in which Big Business will maintain the account. By using the “Credit Card” or “Loan” Bank Account Type you create an account whose balance increases when it is used for payment (recorded as a Current Liability). This Solution provides tips for dealing with Credit Card and Loan Accounts. (3160)
A Credit Card or Loan Account can be used from the Make A Payment tool in exactly the same way that any cash account is used.
On the History tab of the Bank Card for the account, clicking the plus key will present with a list of special transactions for this account (above). Pay Credit Card Bill is simply a Transfer from another cash account. If you have included the Payee Name and Address in the Mailing Address field of the Bank Card, you can print a check from the Transfer transaction. To save entering a reference (i.e. credit card account number) include add this to the Mailing Address field for the Account to have it appear on the check, or enter it in the Comments (check memo) for each payment.
When Reconciling a Credit Card or Loan account, notice that the field for entering Bank Fees for a regular cash account, changes to Fin. Charges. Amounts entered here are automatically posted to the Finance Charge Category specified in the Vendor Prefs Card, not the Bank Fees Categories that other bank accounts use.
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