How to Enter Credit Card Charges in QuickBooks Online?

It is very easy and quick to key-in your credit card charges in QuickBooks Online. However, the intricate thing is to determine your process for entering charges.

Some of the accountants and Bookkeepers opt for manually entering the transaction from the recipient, and then reconciling the receipts. Bank fessed up the reconciliation process and make it more efficient.

Manually Entering Credit Card Charges in QuickBooks Online

Benefits

• The most correct and accurate data is given by the manual entry.
• With the help of Manual Entry, you can eliminate the lag between the time of transaction and the time of posting of statements.
• If you are using accrual accounting then manual entry is important for you.
• It is very easy and quick to enter credit card transaction to QuickBooks Online.
• It provides you the most accurate and up-to-date financials.

The Business owners or the accountants can use manual entry of credit card transactions in QuickBooks online only if the following is true:

• Your business must have low number of credit card expenses.
• You are not able to import charges via QuickBooks online bank feed.
• You must monitor your budget daily and closely.
• You need up to date and accurate financials daily.
• You need to update financial daily due to end of accounting period reporting.
• You can’t import pending charges via QuickBooks Online.

Steps to Enter Credit Card Charges in QuickBooks online

The following is the Step-by-Step guide for entering manually credit card charges in QuickBooks Online:

Method 1: Match the Entered Transaction with the Bank Feed

This method is used mostly in Bookkeeping and in banking due to its simplicity and efficiency of matching and reconciling. Follow the following steps in order to complete the process.

• Click the new tab which is available on the top right of screen.
• Click on the expenses under the vendors category.
• Fill the detail of the payee on expenses sheet. The detail can be filled in two situations:
  • If the payee information is already existed in QuickBooks, then from the drop-down list you can select the payee from the list.
  • If the payee information in not in the list, then you can Add their name in the drop-down list. You have to enter the following information:
    • Name: Enter the name of the transaction so that it will easy to recognize it in future.
    • Type: It include vendor, customer, employee. After selecting the type, you can update some specifics details about payee that are address, phone number, Business ID and social security number.
• Select the appropriate account in the payment account. Find your account from the list but if the account is not present in the list, then select +Add New and add the information of the account.
  • Account type: Select the type of account like, Credit Card, Bank, or other current Assets.
  • Detail Type: Fill the detail of the account as per the account type.
  • Name: Give the name of account so that you can easily find the account from the list.
  • Description: Fill the additional information of the account.
  • Payment Date: Enter the date of the payment, on which company receive payment.
  • Payment Method: Select the method through which you get the payment. From the drop-down menu select the mode of payment like cash, cheque, credit card from the programmed list. In case Payment method is not available in the list, then you can select +Add new in order to add new payment method in the list.
  • Tags: Add the Tags to the transaction in order to add custom labels.
  • Tax Category: QuickBooks online provide a dropdown of suggested category. If the category is not available then you can select +Add new option in order to add the category.
  • Description: Enter the detail description of the transaction and hit save in order to save the changes.
  • Amount: Enter the amount to be receive and hit save button in order to save all the details.

Enter Credit Card Charges into QuickBooks Pro

In case you have desktop version of QuickBooks pro, you have to manually enter all the credit card transaction differently. QuickBooks Pro is different from QuickBooks online but the process is also same. Your credit card must be entered in the cart of your account.

You have to click on banking and the credit card changes in order to enter your credit card transaction in QuickBooks Pro. In order to enter credit card charges you have to follow the following steps:

• Purchased Form: From the dropdown menu select the vendor.
• Date: Select the date from the drop-down calendar.
• Ref no.: Enter the reference number to the transaction in order to make it easy and retrieve from all the data.
• Amount: Enter the amount of the transaction.
• Memo: Now you have to describe the purchase in detail via text box.
• Additional Information: Here you can add more detailed information of the transaction. The detail information will help you to organize and the detail is very helpful to know about the transaction in future.
• Account: In order to code your expense, select the type of account and hit the save button in order to save all the changes.

Detail Instruction for Entering a New Credit Card Charge

1. Create an Expense Transaction:

From the top of the left menu bar select the new tab in order to add new expenses in the account and select the expense under the drop-down menu of vendor.

2. Select Your Payment Method and Credit Card Account

In the expense input screen, you have to change the payment account to your credit card. In this payment method is the type of your credit card.

3. Enter the Transaction Detail

In the expense input screen, you have to enter the remaining transaction detail. Now you have to select the advance settings in order to enter the transaction details.

The details of the field are explained below:

• Payee: In this you have to choose the vendor you are paying. The vendor can pay with any type of mode like cash, credit card etc. If there is no entry you can add new set up for new vendor.
• Payment Date: In this field you have to enter the date on which you are making credit card charge.
• Category: In case you are not billing it to the customer then you can assign category for this from the drop-down menu.
• Description: In this you have to describe the detail for the credit card charge.
• Amount: Now you have to enter the amount of the expenses.
• Billable: Place the checkmark in front of credit card which is billable by the customer.
• Markup: Before billing to the customer, you can markup the expenses.
• Tax: In order if you require to collect the tax for the expense then you can checkmark that expense.
• Customer: Select the customer from whom you want to collect the expense.
• Product: Here you have to enter the product whose against you have to collect the expense.
• Quantity: Enter the quantity of the product which you have purchased.

How to Modify Credit Card Transaction?

1. Go to the Credit Card Register

• From the left menu bar, you can select the accounting option and select the chart of accounts from the drop-down menu.
• From the right column click on view register.

2. Review Credit Card Register

List of all transaction of your credit card account can be viewed in credit card register. In the right top side of a column there is a gear icon. In case you want to modify anything in the transaction, you can do so by click on gear icon.

3. Modify Credit Card Transaction

In order to modify any of the transaction which is appear in register can be modify by clicking anywhere on the transaction. Then the transaction open and allow you edit any field which appears in the register. All fields are not available while inputting the register. In order to edit those fields which are not available in register. You can hit the edit button on the screen. After pressing the original expense input screen will appear. Once you are done with editing and modifying, don’t forget to save the changes.

You have to enter credit card charges on time and ensure that the transaction is accurate, up to date and available for the accounting purpose as it is very important for your business recordkeeping in both the cases whether you are QuickBooks pro-user or QuickBooks online.

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