How do you manage credit card payments?

[Rafferty Uy]

Hi,

First, thanks to all who answered my previous query about managing personal
loans by friends.

Now I want to ask how you manage credit card payments. I just want to make
sure I'm doing the right practice.

My accounts are currently set up as something like this:

Assets
- On Hand (Wallet)
  -- Necessities
  -- Rental Payment
  -- Others...
- Checking Account
  -- Necessities
  -- Rental Payment
  -- Others...

Expenses
- Necessities
- Rental Payment
- Others...

When paying by cash, it is simple to just create an transaction and deduct
from the On Hand asset account.
However, paying by credit card is a problem. So I created another account:

Accounts Payable
- MasterCard

Then charge expenses by Credit Card in this account. When the bill date
comes, I then create a transaction from Assets::Checking Account -->
Accounts Payable::MasterCard.


Is this also what you do?


Thanks!

Rafferty D. Uy
Software Engineer @ ease solutions Pte. Ltd.
MBA Student @ National University of Singapore

"Being a CEO is like answering a call to bring the organization to a better
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