If you are using a credit card to pay your vendors / suppliers, managing that function insode is Interprise Suite can be a bit detailed. This is the method we have come up with:1. A really cool feature of Interprise Suite is that any GL account can be set up as a bank account. So the first thing you'll want to do is set up a liability account in the COA and indicate that it's a bank account.
2. In the banking module, set up a bank account which in reality won't be a bank account but a credit card account. Be sure to tie it back to the above liability account.
3. Set up a payment method that uses the above bank account.
4. When you pay a vendor bill with a credit card, make sure you use this payment method.
5. When you get your credit card statement, be sure to enter interest, finance charges, etc as a bank payment to that bank account.
6. Ok, now is when it kind of gets tricky: when paying the credit card bill, DO NOT go into AP.
7. When you pay your credit card, you will do it one of two ways, either online directly from you checking account or by writing a check. Here's how you handle the two scenarios.
a. If paying online, this is going to be pretty simple. Just do a bank transfer inside the banking module from your checking account to your credit card bank account. Your GL will be posted automatically and you're done.
b. If paying by check, you'll need to enter an AP bill that offsets to a GL clearing account. Then do a bank receipt in the credit card bank account (in the banking module) offsetting the same clearing account. Then pay the AP bill the same way you would pay any other supplier. Please note that in this scenario, your credit card is set up as both a bank account AND a supplier.
