A credit card is a must for everyone nowadays. In QuickBooks, you need to set up the credit card details or account, if till now you have not created the credit card account. To create the credit card account you need to follow some simple steps and it will be done.
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Schedule a MeetingCredits cards are uses to purchase items for the business. Later on, you can pay the same. You can set up the credit card account in QuickBooks to keep track of the things.
How to set up the credit card accounts in QuickBooks
- Click on settings
- Go to Chart of Accounts
- Select New
- Select Credit Card
- Select Continue
- On the account new window mention the credit card name, If you are using the sub-account, you need to check the sub-account and from the drop-down select parental credit card account
- select the option under the “when do you start tracking the finances from this account in QuickBooks”
- Enter the accounts balance
- Save and close
How to Enter credit card charges in QuickBooks
This puts the amount in the credit card account in the chart of accounts
- Select the enter credit card charges under the banking menu
- select the drop-down and of credit card and select the desired account
- charges/Purchased should be automatically selected, if you want to record refund or credit you can select the credit or refund
- select the vendor under purchased from the drop-down menu
- Make sure to check the correct date
- Enter the comments to mention the charges or refund
- Enter the expense under the expenses or item which you want to track
- save and close
How to pay credit card charges in QuickBooks
- Select Write checks under the banking menu
- select the bank account which you want to choose to pay the credit card under the bank account dropdown
- Date of payment needs to be selected
- select the company name from the drop-down menu
- Enter the amount to be paid
- Select the Expense tab and select your credit card account
- save and close
Enter the credit card annual and finance charges in QuickBooks
- Click on settings
- Go to the chart of accounts
- find and open the appropriate credit card accounts
- at the bottom select payee field and choose the company of credit card
- enter the amount in charge column
- Click on the account and new drop-down open, select the expense account which you wan to select for tracking for annual, finance and bank service charges
- save
Every one using QuickBooks should know the procedure to add a credit card account in QuickBooks so that he can use this feature. It provides your many ways to save time and you can use that time for your business to grow on.
Read More:
- How to Entering Credit Card Charges For QuickBooks
- What to do when credit card process automatically stops during QuickBooks update
- How to pay credit card items with business bank account in QuickBooks
- How to set up record and pay Credit Card Bills in QuickBooks
- How to connect bank accounts or credit card accounts in QuickBooks
- How to fix credit card transaction error in QuickBooks
- What to do when credit card transaction is not correct in QuickBooks
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