In CORE, you can record credit card charges (expenses) through different options, depending on whether you need the itemized details or not. Here is the recommended way of handling your credit card bills as well as their payments.
- Create a Credit Card Vendor: The first step is to create a vendor tied to the credit card company. To do so:
- Open the Vendors screen from the side menu > Contacts.
- Click Create New and add a new vendor record, say Chase Credit Card.
- Save the information. Check CORE Help Center for details.
- Enter Credit Card Charges: You can enter the individual credit card charges manually in the Credit Cards screen. Here you might be prompted to add a credit card account (say Chase Credit Card), if not already there. Check CORE Help Center for details.
Alternatively, you can use the Cloud Feeds feature to automatically download your credit card charges directly into your CORE company file. You can also set up the cloud feed rules for the future. Check CORE Help Center for details. This creates a liability against the credit card account and also records the expenses to the appropriate accounts and projects. This is recommended as it allows you to view the expenses by project or vendors (say how much your company spent on marketing expenses, client meetings, travel, conferences, etc.).
- Pay Credit Card Bills: The easiest way to pay the credit card bills is to write a check to the credit card vendor created in step 1. You must pay the check against the credit card account to decrease its liability.
- Open the Checks screen from the side menu under Accounting > Checks.
- Click Create New and select the bank account from where the money will be withdrawn.
- Select the newly created credit card vendor 'Chase Credit Card' as the Payee.
- On the Accounts grid, select Chase Credit Card as the Account.
- Cut a check for the balance to pay and save the transaction.
Make sure to reconcile you credit card account in CORE with the actual account statement regularly to avoid discrepancies. Check CORE Help Center for details.