What category does a credit card loan go to when the debit is for equipment for your business?
Will my credit card be under a cost of goods account, expense account, loan or what? The equipment had already been paid in full by the credit card, now we are paying the credit card off. Should I name the credit card as a vendor?
Related Items
- Can a bank debit account to collect outstanding payment for credit crd even if there is no standing instructio?
Recently my bank has debited the minimum amount due on my credit card from my salary account. The card is from the same bank I have a salary account. ... - How to get a credit card with no credit and no checking account?
I'm young with no credit and no checking account. I've been looking online and have only come across debit cards or credit cards that require a check... - Can I buy online with my bank account with paypal?
I've confirmed my bank account do I now need to add my debit or credit card and confirm that too? ... - What bank has the most ATMs around the world? What is the best credit card to use internationally?
I am studying abroad soon and I want to open and account with an international bank. I want to do this so I don't have to pay steep ATM fees while I a... - How does your credit get affected by a closed credit card account due to a stolen credit card?
What happens to one's credit when the person's sole credit card is taken and used illegally? We're not sure how this will affect efforts to refinance... - Can I charge my credit card company interest on money owed to me?
I have made an overpayment on my credit card. The company has decided to close my account because I defaulted twice last year on minimum payments. I h... - What happens when we link credit card to paypal?
I am new to paypal and i have just verified my account, now i need to link my credit card. What will happen when i do, would the amount of money in my... - how can i buy something online without a credit card?
i don't have a credit / debit card. i have the money. i want to buy something online, they say its free deliver, its a good deal. but they would only ... - Is it legal for a hotel in England to demand a credit card before check-in? When payment already cleared?
I recently booked a hotel and paid for it by debit card. The funds were cleared 5 months ago. On arrival the receptionist demanded a credit card "in... - How long would it take for a credit card to have a positive impact on your file?
I am 24 and still fairly new to credit as all I have ever had is a bank account. I have recently taken out a credit card from my bank as was wondering... - Is it possible to pay a credit card bill from a paypal account?
Or do credit card companies only except payment by debit card, cheque, etc? ... - What factors determine getting a credit card?
I have appplied on two sites for a credit card and have on both occasions been declined. I have paid off all credit except for one which is currently... - If I use my credit card to pay a deposit does it cover the whole cost of the transaction?
I paid the deposits for my holiday flat and my holiday flights separately using my credit card. I heard on the radio that if I then use some other me... - Can anyone recommend a good credit card with good rates and rewards?What do i need to look out for?
I buy all my stuff online with my direct debit card, but realise i should really get a credit card, so that i can also use abroad...I'm 28 and should'... - How can I transfer a credit card refund to my Bank Account?
I am about to receive a refund on my Credit card and want to transfer that amount back into my Bank Account. What's the fastest and easiest way? Thank...
June 28th, 2010 at 11:15 am
In my personal business, two things happen. We have surveying crews and we have the equipment they use. I started an LLC for the equipment alone. I then rent the equipment to my company through the LLC. That way if the company gets sued my equipment is safe and vice versa.
Hope this helps.
June 28th, 2010 at 12:11 pm
Are you using an accounting software package? Your question suggests that you are. If so, there is actually an account type for credit cards. You need to create a new account for that card. You will also need to set the credit card company up as a vendor.
Charges to the credit card would initially be booked either to an expense account or a capital account. Then when you start paying off the card, you book everything other than the interest expense to the credit card account.