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Home > Useful Information > How To Info > How to Use Credit Cards in Quickbooks

+Joanne Marcinek



How to Use Credit Cards in Quickbooks®:

How to enter expenses on a credit card (when you make a credit card purchase)

  1. From the startup screen, click on Banking

  2. Click on Credit Cards

    1. Use the drop down box at the top of the screen to choose the card you are adding expenses for.

    2. Each credit card has its own register that lists all the charges and credits you've recorded and the payments you've made. You can enter new charges and payments directly in the register.

i.      If you want the date to be other than today's date, change the date in the Date field.

                                                             ii.      In the Purchased From field, enter the name of the vendor you purchased the goods or services from.

                                                            iii.      In the Amount field, enter the amount of the charge.

                                                           iv.      Below, under the Expenses tab, enter the name of the account you use to track this type of expense (advertising, etc.)

    1. When finished, click <Save & Close> or <Save & New> if you need to enter another credit card charge

 How to pay a credit card bill:

  1. From the startup screen, click on Banking

  2. Click on Reconcile

    1. From the Account to Reconcile list, select the credit card account you want to reconcile.

    2. Compare the opening balance from your statement with the Opening Balance in the Reconcile window.

    3. If the amounts don't match

    4. Find the ending balance on your statement and enter it in the Ending Balance field.

    5. (Optional) Complete the "Transactions to be added" section of the Reconcile window:

    6. If the credit card statement shows a finance charge that you have not yet entered into your QuickBooks records, enter that amount in the Finance Charges field.

    7. In the Account field, enter the expense account you use to track finance charges.

    8. When you find a transaction in the Reconcile window that matches a transaction on the statement, click the transaction to mark it as to be cleared.

    9. If an amount doesn't match or a transaction contains an error, correct the transaction.

    10. If you find a transaction on your statement that is missing from the QuickBooks list, enter the transaction now.

    11. When you've finished marking transactions, look at the Difference in the bottom right corner of the Reconcile window:

    12. If the Difference is 0.00, click Reconcile Now. You've reconciled the account with your statement.

    13. If the Difference is not zero, your QuickBooks account doesn't match your credit card statement. Find and correct as many differences as you can, click Reconcile Now, and follow the instructions onscreen.

  3. If you choose to pay the bill now, the Write Checks window appears. You can pay all or part of the credit card bill.

  4. Click OK.

  5. Complete the payment transaction:

  6. If this is the first time you are paying this credit card company, enter the name of the credit card company in the "Pay to the order of" field (if you are writing a check).  For subsequent payments, QuickBooks remembers the name of the credit card company and fills it in for you.

  7. If you want to pay part of the amount due, edit the amount that QuickBooks has filled in.

  8. Save the transaction.




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