Credit Cards Payable Vs. Scotiabank
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.
