Record credit card payments
In addition to creating a credit card bank account, you also need to record the credit card payments. Depending on how the credit card has been set up, you can either set up a repeat transaction to pay the same amount monthly or record each payment individually.
Set up a repeat credit card payment transaction
If you make regular loan repayments, it is far easier to set up a repeat bank transaction. IRIS Elements Cashbook will then automatically create the applicable transaction for you.
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Go to Banking > Banks.
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From the Actions (3 dots,
) menu select Repeat Transactions. -
Select Add repeat transaction.
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Select Money Out.
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Select the Bank Account you are repaying from and select the bank account from the Type list, for example, HSBC Business Loan.
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Enter the Full Amount to be repaid each month.
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Enter a Comment such as Loan Repayment.
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Use the Frequency and Duration settings to determine when the payment should stop. You could, for example, enter the number of repayments or enter the date of the last payment.
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Select Save to confirm.
Record individual credit card payments
Use this method if you make ad-hoc credit card payments.
- Go to Banking > Banks and select View or add for the bank account from which the repayment will be made.
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Select Add new transaction. The Add a transaction form displays.
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From Transaction type select Money out.
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Select the date the repayment left the account.
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Select the credit card account from the Code list.
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Enter the payment Amount.
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Select Add transaction+ to record the transaction. The new transaction is added to the Transactions list.