We have a business credit card that has membership fees:
$7 monthly insurance fee
$200 annual membership fee
How do I enter these fees in Manager? Here is what I have done:
I have already created an expense account called credit card membership fees to track the monthly insurance fee and the annual fee.
But how do I enter these fees since the bank is not a supplier? And, how do I pay them them (probably do an Interaccount transfer (but in this interface it does not allow me to assign an expense account to track the fees.
My answer assumes the fees are added to your credit card balance owed. If not, please explain how they are assessed.
To record the fees, just create a payment. Paid from is the credit card, which you should have set up as a bank account. Payee is the credit card issuer. You can define them as a supplier if you wish, but can also leave them as “Other.” Account is the expense account you have set up for fees.
Definitely not for recording the fees. You would do an inter account transfer when you pay off the credit card statement from your regular bank account, probably on a monthly basis.