We have just received a Visa Card and we are now going to be paying bills by this card and i was wondering which this would go under balance sheet or income sheet.
thank you for all your feed back

Set it up as a Balance Sheet - Liability account

Think of your Visa card as just another Bank account. You can reconcile the statement with Adagio BankRec, and Link2Systems has an add-on to Adagio that helps manage the transactions that go through the credit card.