Credit Cards and Bank

ERPNext Accounting
1

Hi.

Just wanted to clarify the correct setup of Bank and Credit Cards (purchases).

On first run; you are asked to enter the “Bank Name” which I set to my Banks name (e.g. Barclays).

Now we have a current account with Barclays and a Credit Card for purchases.

In 1200 - Bank Accounts, I notice “Barclays Bank”.

What is the correct way of setting up the current account and credit card accounts?

Thanks.

2

Bank Account, it helps you maybe.

3

Great thanks… I looked through the manual and didnt see this! Looks like you have to click the view contents…

https://erpnext.com/docs/user/manual/en/accounts/contents

So for bank that makes sense, setup a bank and then attach accounts to it. Presumably as it belongs to the company, I would choose “Is Company Account” and ensure my company is in “Company” on the right hand side?

That takes care of bank accounts, but what about Company Credit Cards? I.e. for internet purchases or supplier payments (where majority of payments occur)? This should map to current liabilities on the balance sheet (<1 year liability).

Thanks.

4

Anyone??

5

What I did is create a new account under Loans(Liabilities)
Account Type: Bank
Root Type: Liabliity
Report Type:Balance Sheet
Frozen: No

This way it’s a Bank account and a liability. We shall see how it works out. I’m very new to ERPNext and I just created it 10m ago :slight_smile:

6

Could you be able to do bank Reconsalidation ?

7

shrugs. I don’t remember, but I think so.

8

Refer:

https://docs.erpnext.com/docs/user/manual/en/accounts/bank-reconciliation

9

Thanks for your link, and I am not sure, how to set up a credti card account, and also I could do bank reconsalidation. since it is a liabliity account.