I'm about to start importing bank statements to reconcile (never done it before), and I wondered how I record multiple card payments. I understand how to record multiple cheques but if I am to record card transactions as 'cheque account' when they are paid, how do I then show the multiple payment as it appears on the bank statement, if I have already recorded each payment in Cheque Account?

Hi Sarah,

You normally have a separate bank account for credit cards. When you make a payment with your credit card you should set the Paid From Account to be 'Mastercard' or 'Visa'. When you pay off your credit card balance, create a transfer from your Cheque Account like this:
https://www.solaraccounts.co.uk/help/how-to-record-a-bank-transfer.php
Note that you can create these transactions manually or import from a .qif or .ofx file by clicking menu File > Import From > Bank Statement File.

You should then reconcile both bank accounts - the Cheque Account and the Mastercard/Visa account. The Mastercard/Visa account will include all your purchase transaction plus the 'pay off' transaction, while the Cheque Account will only include the 'pay off' transaction. In case you haven't seen it, this is our help topic on bank reconciliation:
https://www.solaraccounts.co.uk/help/how-to-reconcile-a-bank-statement.php

Regards,

mark if you do that how and when dose the vat get claimed

Hi Lynden,

If you enter a VAT rate of 20% when recording the purchase transaction Solar Accounts will automatically debit the "VAT Liability" account as part of that transaction.

Later when you prepare a VAT return Solar Accounts will prompt you to create a payment transaction (either from or to HMRC) to account for the money owed, and this will either debit or credit the VAT Liability account. See this page for details of how to prepare a VAT return:
https://www.solaraccounts.co.uk/help/how-to-prepare-a-vat-return.php

Regards,