How to import credit card statements automatically into your accounting program?

Got your credit card statement and don't know what to do?

Four years ago, I had to use a green highlighter to help me avoid making mistakes when recording my expenses. Thanks to technology, I've been able to catch up on some old best practices and can get my digital credit card statement into the system with just a few clicks.

I will explain the most important things you need to know about your credit card and guide you to becoming an advanced user of your accounting program.

What is a credit card?

A credit card is a special service from a bank or financial services company that allows cardholders to borrow funds to pay for goods and services from merchants who accept cards for payment. There are only a few rules you have to follow, such as minimum shipments or monthly repayments. You can buy goods and services without having to use your own money.

Most entrepreneurs and freelancers use business credit cards to finance their monthly expenses.

Structure of a credit card

What is the difference between a credit and a debit card?

Credit cards and debit cards typically look almost identical, with 16-digit card numbers, expiration dates, and personal identification number (PIN) codes. Both can make it easy and convenient to make purchases in stores or online, with one key difference.

• Debit cards allow you to spend money by drawing on funds you have deposited at the bank. 
• Credit cards allow you to borrow money from the card issuer up to a certain limit to purchase items or withdraw cash. 

What is a credit card statement? 

The credit card statement is the summary of how you've used your credit card during a billing period. It will give you a detailed description of when, where, for what and how much you payed. All of your payments, credits, purchases, balance transfers, cash advances, fees, interest, and other transactions will be listed.

At the end of each billing period an invoice with the open balance will be sent to you. The open balance generates interest charges. It depends on your provider when and how much those interest are. Usually in Switzerland you will receive your credit card statement and only after this the credit card company will charge you interest.

Paying your statement balance 2-3 days before the due date is typically enough to avoid interest charges. One way to limit this is to load your credit card as soon as possible when you receive the invoice.

Where can I found my credit card statement? 

In general, your credit card statement arrives with the mail, but you can change your preferences in your account. If you've opted for online, or paperless billing statements, you will receive them by email or you can download it directly from your credit card issuer's website.

You can be green  and at the same time, the PDF formula will be more useful for you. 

Import your credit card transactions in your accounting system

This feature will change the way you thinks about making the accounting for your credit card transactions. 

Download your latest digital credit card statement and upload it into the accounting software. Due to this function, you don't need to categorize your accounts one-by-one. Save time, work less, be more effective and precise at the same time.  

• bookings made manually: 12/hours

• booking made by PDF import: 110/hours

This is how it works: 

How to automate bookings of credit card transactions

Now your transactions are in your accounting. The last step is to categorize them e.g: transport, restaurant, etc...

This can be completely automated, thanks to the rule system in EZYcount.
On the following video learn how to automate your spendings by putting them in the right categories. This automation prevents mistakes and save you extra time. 

Automate you bookings

The best Swiss credit card to use with EZYcount

The credit card import on EZYcount works best with the Cornèrcard credit card. 

Have you heard about Cornèrcard?
Cornèrcard is a division of Cornèr Bank, an independent Swiss banking institution founded in 1952 in Lugano. Cornèr Bank was the first bank in Switzerland to launch Visa credit cards in 1975.

We have done some research and if you are wondering: why the Cornèrcard is good for me? Let me point out some of its benefits:

• virtual credit card
• SwatchPAY - pay with your Swatch watch
• contactless and mobile payment
• easy and traceable transactions via an Application
• a personal contact to help you start with your credit card installation 

Fill out this form. We will forward your information to the right person at Cornèrcard who will contact you shortly to discuss the best credit card option for you.