Using an Agency Credit Card for Payments - TRAMS, Inc.

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2. Create a journal entry to credit the “Group Payments on Agency CC” Liability account.3. When you pay the credit card bill, debit the “Group Payments on Agency CC” Liability account.Page 20 of 25 7/31/2009
Section 4 - Paying the Agency Credit Card Bill When There is a Credit BalanceSection 2 outlines how to pay the agency credit card, when itemizing each of the expenses. In this section we take a look atwhat happens when you have a credit card statement that has a combination of new charges and a credit for a previouscharge.In month one, the agency receives the following Visa Statement.Visa StatementOffice Supply Store $325.00ABC Printing 75.00ACME Parking 250.00Light Company 45.00Total Charges: $695.00The journal entry below would be created when the statement is paid:Account Debit CreditChecking 695.00Office supplies 325.00Printing expense 75.00Parking 250.00Utilities 45.00In the next month if the agency received the following statement, since there is no check to be issued, create a journal entry,entering a debit for each new charge.Visa StatementOffice Supply Store -$325.00ACME Parking 250.00Light Company 45.00Total Charges: $-30.00Page 21 of 25 7/31/2009
Page 1 and 2: Using an Agency Credit Card for Pay
Page 3 and 4: Section 1 - Using the Agency Credit
Page 5 and 6: Scenario Two: A Client pays the age
Page 7 and 8: Airlines Reporting CorporationAgent
Page 9 and 10: Scenario Three:Client pays the agen
Page 11 and 12: Time Saving Tip: Use Pay Codes to h
Page 13 and 14: Option Two: A Negative Client Vouch
Page 15 and 16: Pros and Cons: Scenario ThreeOption
Page 17 and 18: Scenario Two: Accounting for expens
Page 19: Section 3 - Using the Agency Credit
Page 23 and 24: To pay the $265.00, but account for
Page 25: NOTES______________________________

Using an Agency Credit Card for Payments - TRAMS, Inc.

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