Outgoing Payment - Credit Card

Hi All,
We have a company credit card. With this card, we may pay say 5 different vendors.
Since I cannot find a kind of "deposit" function for outgoing payments, I am thinking of this:
1. Create a "credit card prepayment" GL account in Assets
2. Do all 5 outgoing payments from this GL account (ignoring error message about cash flow report)
3. When we get the credit card statement to pay each month, doing another outgoing payment from my bank account to the "credit card prepayment" GL account
4. Manually internally reconcile "credit card prepayment account" GL
Can anyone suggest a better way, or does this look ok? The error with cash flow report is odd, as on one hand the amount of money has been paid, but on the other, is still owed to credit card company.
Thanks!
Rajiv
Edited by: Rajiv Agarwalla on Feb 23, 2009 7:33 PM

If there is a way to use an interim GL account similar to "cheque clearing a/c" for incoming payments, but for outgoing payments, then of course that is perfect!
We are trying to do the same thing but manually (it makes external bank reconciliation easier, as only 1 entry for payment to ccard company as per bank statement).
I tried to go to:
Banking->Outgoing Payments->Outgoing Payments->select Vendor/GL, tick amt, then click money bag, then Bank Transfer tab.
However, I do not see an option for interim GL account? I can see how to set this up as you suggested, but we wish to make payments manually each time and not using the Payment Wizard. Is there another way of utilizing this deature?
Thanks again,
Rajiv
Edited by: Rui Pereira on May 1, 2009 10:47 AM

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