A guide on how to manage your business credit card with business purchases in Xero.
1. Add your credit card as a bank account.
2. Enter an opening balance for your credit card.
3. Set up a bank feed to receive your credit card statement lines directly into Xero. Or if bank feeds are not available, import your statement manually.
4. Reconcile your credit card account. If you use your business credit card for personal use, seek the advice of your accountant or bookkeeper on how to code these transactions. They may not always be allocated to your ‘drawings’ account.
For more details, see: help.xero.com/Q_ManageCreditCard$Business.