Apologies for the novice question.
What is best practice for recording the payment of a business credit card (linked account), using funds from a bank account (also linked). I'm migrating from quickbooks and having difficulty with this. Thanks.
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You "Transfer" money from you Bank to your Credit Card - both of which are set up as Journals:
This gives you a "payment" transaction that you reconcile with your Credit Card Statement [top Journal Entry - first two lines] and a "withdrawal" transaction that you reconcile with your Bank Statement [bottom Journal Entry - last two lines]:
True! All good.
Regarding quickbooks, if there's a transaction in the Credit Card Feed that matches (date and amount, i think?) the bank feed there's a button that says, "match?" or something like that if i recall (i believe xero does this as well fwiw). Odoo, much more robust in other ways so it's all good. Thanks for your help.
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"Odoo Accounting" is not a question, so I edited your post to have a question instead.
Thanks Ray!
Thank you, very helpful. I was hoping there was a slightly more efficient/automated way to do it. But this works. Thanks!
Two clicks - select the card, enter the amount - another click to CONFIRM - that's it!! - let us know if you can think of a way to make it more efficient - but I don't see a way. Last time I looked at Quickbooks you had to (a) Select NEW (b) Navigate to MONEY OUT and select PAY DOWN CREDIT CARD (c) select the card, amount, memo, and date (d) click SAVE AND CLOSE - so isn't this just as efficient as QB?