How to buy inventory on a credit card?

At times you pre-pay or purchase items using a credit card. A duplicatepurchase can arise when you receive the items through NumberCruncher and postBill in QuickBooks. To avoid this do the following:

1. Create an 'Other Current Asset' (e.g. Prepaid Items )

2. When entering the credit card transaction, use the account created in #1 to post each purchase. Do not use the Items tab.

3. Receive the items in NumberCruncher and post the Bill inQuickBooks as usual.

4. Within QuickBooks open the Bill that was created and do the following:

a. Change the 'Amount Due' to $0.

b. Click the Expenses tab and pick the account created in #1. For 'Amount' put the negative of the total shown on the Items tab. Forexample, if the items tab shows $4,000, put in -4,000.

c. Press Save & Close.