I think I understand your question. I work with several CPA's and
lawyers in my area primarily in taxes as an Enrolled agent. However I do
a lot of bookkeeping and corporate maintenance as well. Please forgive
me if I break this down too much, or cover steps you already know, I
just want to be complete in my explanation.
I would suggest going to the chart of accounts and adding a new account
to your liabilities for the credit card in question if you don't already
have one. If you already have an account double check that in the
account properties under parent account the drop down menu for account
type reads "credit card".
When your statements come in enter each individual charge here with an
offset in correct expense category using the date cleared on the
statement. EX: 01/15/23 Valero $32.53 would Debit (DB) Fuel Expense and
Credit (CR) the credit card account on 15 Jan. Doing this for each
individual charge is tedious at times but it ensures that all the
charges are listed in the appropriate expense account AND the correct
accounting period as accrued.
You will also still have a balance in your liabilities to pay through
the bill system from your bank account. Enter the bill in your system
for the amount you paid the day the payment cleared your credit card and
pay it as normal from your bank/cash account. You can then reconcile the
credit card liability account as you would a bank account.
Tedious but still easier in GNUCash over QB any day... I HATE QB with a
passion!
A. Haggerty CB EA MTax
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