Although either method gives the correct ledger, I would prefer using the undeposited fund to the discount method since the statement format is my concern.

Software: MoneyWorks accounting software You bought a Computer, $1,800.00 before GST, for the company from a retail store with your credit card. How are you going to record this amount owing to you and the fixed asset in your MoneyWorks accounting software? The Credit Card account. You need to add a new Bank account type […]

Software: MoneyWorks accounting software In retail business, often you have different payment method such as Cheque, Cash, Credit Card, EFT (Electronic fund transfer) to allow customer to make payment to you. When customers make payment to you via credit card, the amount of money you received from Credit Card Company will be less off the […]

In my previous blog, I did mention that bosses usually had lots of bits and pieces of claims. How are you going to capture these claims into QuickBooks? I preferred to create the Amount Due account as a Credit Card type of account. This method is easier because I don’t need to create any General […]