Skip to main content
November 15, 2019
Question

Credit Cards Payable Vs. Scotiabank

  • November 15, 2019
  • 1 reply
  • 0 views

My client has an account that is labelled "Credit cards payable" -- to my understanding this is typically for on going debt that has not been paid? (liabilities)

They also have a main account labelled Scotiabank (in chart of accounts, it just says Bank) 

All their expense receipts (gas, meals etc..) appear to be paid with a scotiabank card. 

 

My question is, when im inputting there expenses for meals and gas etc.. should I be putting it under credit cards payable or the Scotiabank?

 

I feel silly asking this because I feel its pretty obvious but im second guessing myself because if I look at their history, it looks as though they were putting any charges to their card under the credit cards payable but all incoming vendor invoices under the scotiabank.

1 reply

November 15, 2019

Hi there,

 

Welcome back to the Community. It's important you record the expenses for meals and gas the right way.

 

I recommend contacting an accounting professional. If you're not in contact with one, I encourage you to search for one on our website using this link here. Doing this will help prevent any future discrepancies. Let me know if you have other questions. I'm here to assist. :)