To keep your accounts accurate and updated, it is very important for you to keep your credit card transaction updated in your business as well as a personal balance sheet. To record all your credit card entries, it allows you to gain access to a separate credit card account where you can manage it all. The balance sheet automatically takes credit card entries expenses are taken as purchase order and expense account.
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Schedule a MeetingRecord credit card expenses include the following aspects:
- Enter a separate line of the amount expenses, summarize total bill charges and enter the credit card vendor’s bill.
- Enter the charges of an individual’s credit card. Click on the Menu → Click on Banking and enter charges of the credit card. It may ask you to enter credit card account in QuickBooks.
- Use the online banking feature of QuickBooks that automatically download all the payments and charges to your QB data file. The functionality isn’t available with all the credit card provider. To check if this option is available with your credit card; click on Banking → Select Online Banking → Open Menu and select Participating Financial Institution.
Following things are covered in the payment of Credit Card:
- First of all, select credit card vendor bill, pay the bills as other bills are paid (You can either pay the bill partially or pay the full amount).
- Create a vendor check or bill to select one option from the other two options. In the transaction account column, allocate the credit card account on which you recorded the transactions previously.
If the payment of the credit card is not paid in due time of preparing the financial record, the credit card amount or the payment be shown as cash in the Cash Basis Balance Sheet.
The process can be even more smooth and easy if every vendor, separately, is assigned with three default chart of account. To add these accounts, follow these steps:
- Select a home page and then select vendor and the vendor center will open.
- Now, to assign accounts, click on the vendors and then select Edit vendor. The dialogue box will open.
- Select OK and New Feature message will open.
- Now, select the Account Settings tab. A drop down will open, select the desired account.
If the frequency of use of the additional accounts isn’t high, add them only when they are required. Three lines are assigned to all the transactions that are newly created. If it isn’t allocated, it may show an error or no result may be found for all three lines.
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The prefill or recall is overridden by the selected account. Instead, these accounts will automatically be inserted in the account using enter bill or write check transaction. Follow the above-mentioned steps to keep your accounting procedures accurate and updated.
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