One of the primary benefits of using any credit card is that it enables you to take funds to buy something or pay bills.
In tune with this, you can begin setting up your credit card account in QuickBooks, in order to monitor and keep proper track of charges incurred and payments made.
Although setting up credit card payments in QuickBooks is one of the most complex processes for businesses, this process cannot be avoided, because of its sheer importance.
Read More: How to connect your Credit Card in QuickBooks Desktop?
Why do you need to set up a Credit Card in QuickBooks?
Most businesses view credit cards as an important means to run an organization and meet its emergency necessities.
Credit cards are designed in such a way that they can provide organizations a suitable way to deal with business expenses and the skill to easily monitor expenses sustained by numerous staff members.
Although credit cards are very important in running a business, they shouldn’t be the reason for your headaches. Only by properly setting up credit cards in your QuickBooks account, can you manage to deal with them conveniently and lay special emphasis on other crucial business tasks.
Here are some important points to note:
Positive Balance – It means your credit card has some pending charges.
Negative Balance – It means that the amount paid is greater than the due balance.
Zero Balance – It means that the balance due has already been paid.
How can you set up Credit Card in QuickBooks
In order to set up a credit card account in QuickBooks, you need to adhere to certain rules and steps.
Here are steps to integrate credit card to QuickBooks and make payments more easily:
Step 1: In your QuickBooks account, go to the Company menu and choose Chart of Accounts.
Step 2: Choose Account or the specific plus+ symbol and then click New
Step 3: Choose Credit Card and then press Continue.
Step 4: Type the credit card name on the specific window that says Add New Account.
Step 5: Choose Enter Opening Balance and then type in the account balance as well as the date
Step 6: Click Save and press Close.
It is assumed globally that credit cards are nothing less than any handy financial tool, and in practical terms, doing business without them is next to impossible.
However, only with the help of sustainable book-keeping with is proper and organized from the very beginning, will prevent credit card from turning into a headache from a boon.
If you use more than one credit card for your business, booking nightmares will soon be a reality for you to be dealt with. The good news is QuickBooks is armored with good and suitable credit card management tools
If you wish to integrate your credit cards with QuickBooks to keep a proper track of your business expenses, following the above steps mentioned is the most feasible route for you.
Still, if you need any technical guidance on how to set up credit card processing in QuickBooks Desktop, talk to our LIVE CHAT.