Manage Business Expenses Paid by Corporate Credit Card

Solution:

Step1: Set up a General Ledger Account for the corporate credit card eg. Amex Credit Card.

-- Navigate to Lists > Accounting > Accounts > New.
-- Type: Credit Card
-- Populate for Name eg. AMEX Credit Card, Number and any other fields that are mandatory or according to your preferences.
-- Click Save.

Step 2: Record the Expense by Creating a Vendor Bill eg. Vendor bill from Verizon
-- Navigate to Transactions > Purchases/Vendors > Enter Bills
-- Enter all relevant information like Expense Account eg. Telephone Expense, amount
-- Click Save.

Step 3: Pay the vendor bill using the corporate credit card eg. Amex Credit Card.
-- Navigate to Transactions > Purchases/Vendors > Pay Bills
-- On the Bill Payments page > on the Account field choose the AMEX Credit Card account you created on Step 1.
-- Choose the Verizon bill created on Step 2
-- Click Save.

Step 4. Create a Vendor record for the credit card company. eg. American Express. We need this when paying the bill from AMEX.

-- Navigate to List > Relationships > Vendors > New
-- On the Name > Enter American Express
-- Click Save

Step 5. Pay the Corporate Credit Card Monthly Statement eg. Amex monthly credit card charges.
-- Navigate to Transactions > Bank > Write Checks.
-- On the Payee field > select the Vendor : American Express created in step 4
-- On the Expenses & Items tab > Expenses subtab > set on the Account field the  General Ledger account AMEX Credit Card created in Step 1.
-- Populate for any other information.
-- Click Save.