If you are a small or medium-sized business owner and use a credit card to make payments to customers or handle other business expenses, then you may obviously want to track and record those expenses and payments made through your credit card in your accounting software. This is done so that you can have a true and accurate picture of your financial position.
We will look into the different ways to enter credit card transactions in QuickBooks through this article.
Steps to Enter Credit Card Transactions through Different Methods
Primarily, there are two ways to enter your credit card related transactions in your QuickBooks software, they are:
- Through plus icon.
- Through Chart of Account
Through Plus Icon
Step 1. At first, go to the Plus icon at the top after opening the QuickBooks.
Step 2. Now click on Expense under the Vendors section and choose a Payee and on the Bank/ credit card, choose a credit card.
Step 3. In this step, fill out all the relevant information in the account details and click on save and close.
Through Chart of Accounts
Step 1. Click on the Accounting menu at the left after opening the QuickBooks.
Step 2. Locate the credit card account and click on the View Register link.
Step 3. In this step, select the specific transaction type from the ‘Add expense drop-down’.
Step 4. Fill out all the relevant information and click on save.
How Dancing Numbers will Help You?
Dancing Numbers is SaaS-based software that can easily be integrated with your QuickBooks account. You can import, export, and delete lists or transactions from your company file. Using Dancing Numbers you can simplify and automate the process, saving time and increasing productivity. Just fill in a few fields and apply the relevant features to complete the task.
It saves your time and money that you can invest in your business. It has no human errors, works automatically, provides a user-friendly interface (easy to use and learn), and more. You can also have access to the comprehensive features set if you use it to Bulk import, export, and delete services.
Hopefully, the process steps are clear and concise enough to help you out. We have also collated some FAQs related to this topic. Let us have a look at those too.
How can I Enter Credit Card Payment in QuickBooks Desktop?
First, select the payment account > choose credit card account and your vendor > enter check number, date, and amount. Now write a memo, add additional information, and save your payment.
How can I Enter Credit Card Fees in QuickBooks?
Click on Lists > Chart of Accounts > choose New from Account drop-down> now select the expense and click on continue > now enter the name of the account and click on save once you are done.
How can I Classify the Credit Card Payment in QuickBooks?
At first, click on the Bank account drop-down menu and select the account from which you have made the payment. Now click on the payee drop-down arrow and enter vendor name > choose credit card account and enter the payment in the amount field.
What would be the Journal Entry for Credit Card Payment in QuickBooks?
The journal entry for credit card payment would be: debit the expense account and credit the cash/ Bank account.
How can I re-categorize Multiple Expenses at the Same Time?
At first, click on Expenses from the left navigation bar and click on the boxes of expenses that you wish to re-categorize, and then click on the Batch action drop-down. Now click on categorize and choose the category that you wish to apply.