GL accounts for credit cards

How to Create a General Ledger (GL) Account for a Credit Card to Reconcile

To properly reconcile a credit card within your accounting system, follow these steps to create or update the relevant General Ledger (GL) account:

Step 1: Navigate to General Ledger Accounts

1. Go to Administration > Setup > Accounting > General Ledger Accounts.

2. Select Management to view the list of GL accounts.

Step 2: Edit or Create a New Credit Card GL Account

• Option 1: If you are editing an existing credit card GL account, select the account you want to modify.

• Option 2: If creating a new GL account for the credit card, click Create.

Step 3: Enter the GL Account Details

1. GL Account Number: Enter the GL account number. It is crucial that the number follows the same logic and format as other GL accounts in the system to maintain consistency.

2. Account Type: Select Bank as the account type, since the credit card will be treated as a bank account for reconciliation purposes.

3. Account Name: Enter a descriptive name for the account. For example, use Credit Card Desjardins to identify the credit card being reconciled.

4. Credit Card Option: In the Credit Card section, select Yes to designate this account as a credit card.

Step 4: Set the Cheque Number Field

The Next Cheque Number field is mandatory. In this case, since we are setting up a credit card account and it won’t use traditional cheques, simply enter 1 in this field.

Step 5: Save the Account

After filling in all the required details, Save and Close the new or edited GL account.

Now, your credit card GL account is ready to be used for reconciliation. You can proceed with entering transactions and reconciling the credit card on a regular basis : https://nexone.atlassian.net/wiki/x/BADJ3?atlOrigin=eyJpIjoiZmMyNjUwYmY2ZTVhNDg3ZmFhM2Y5MzUxZTdiYzYwZTIiLCJwIjoiYyJ9

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