If your firm has a credit card that was not added during PantherAccounting Plus onboarding, you can add it to PracticePanther later and record its existing balance (the amount currently owed). Follow the steps below to create the starting balance.
Step 1: Create the Credit Card Account
Go to Accounting > Banks and Credit Cards and click + New Account. Enter a Name, set the account type to Credit Card and Save.
Step 2: Record a Journal Entry for the Existing Balance
Next, record a Journal Entry to reflect the balance already owed on the card.
Choose New Journal Entry from the white New button and complete the following fields:
Select Date: The date you are adding the card (or the date of the starting balance)
Record Debit Entries
Chart of Account: Retained Earnings - Opening Balance
Payee: The credit card issuer (e.g., Chase Bank)
Description: Credit card starting balance (or similar)
Amount: The existing balance owed on the credit card
Record Credit Entries
Chart of Account: The credit card account you just created
Payee: The credit card issuer (e.g., Chase Bank)
Description: Credit card starting balance (or similar)
Amount: The existing balance owed on the credit card
click Record Journal Entry
The credit card's Account Ledger will now show the starting balance as an unreconciled charge.
Step 3: Complete a Reconciliation with That Balance
From the credit card's Account Ledger, click Create Reconciliation and complete the reconciliation using the starting balance you just recorded.
Step 4: Pay the Balance (Optional)
Once the starting balance is recorded, the balance can be paid from any account. Click Pay Balance on the credit card's Account Ledger and complete the following:
Pay From: The account the payment will come from (e.g., the Operating Account)
Pay To: The credit card account
Date and Amount of the payment
Click Pay Balance to complete the payment.
