In QuickBooks Online, there are many ways that you can use to record payments of credit cards. With these ways, you can also maintain accurate financial reports and track your expenses. These ways are mentioned here so that you can follow the way you want to. Just follow the step-by-step process. After that, you can easily record Record Credit Card Payments in QuickBooks Online.
Dancing Numbers helps small businesses, entrepreneurs, and CPAs to do smart transferring of data to and from QuickBooks Online. Utilize import, export, and delete services of Dancing Numbers software.
To Pay Down a Credit Card
- Click on the “+New” option that is shown to you.
- Go to the Money Out option if you are in the Business view or go to the “Other” option if you are in the Accountant view.
- After that, click on the “Pay down Credit Card”.
- You have to choose the credit card from which you make the payment to.
- Mention the amount of the payment.
- Type the date of the payment.
- Choose the bank account from “Which You Paid for Credit Card”.
- In case, you have to pay the amount using a checks.
- Then click on I made a payment with a cheque.
- Mention the check number in the field.
- If you pay it electronically then mention the EFT number.
- In this, if you want to attach the file attachments or notes.
- Then click on the option Memo and Attachments.
- Now follow displayed instructions one-by-one.
- Click on the button “Save and Close”.
To Attach the Notes or File Attachments With the Payment
If you already record payments credit card in QuickBooks Online. Now you want to record the notes or attachments with it then the steps are as follows:
- Click on the +New button sign.
- In the case of Business, view go under the Money Out.
- In the case of Accountant, view go under the Others.
- Then click on the Pay down credit card option.
- You have to choose the credit card to which you do the payment.
- Write the payment amount in the field.
- In the date field, mention the payment date on which you did it.
- You have to click on the bank account from which you paid for the credit card.
- Now, to add the file attachments or notes.
- Click on the Memo and attachments.
- Follow the instructions shown to you to add the notes or attachments.
- Click on Save and Close to save the changes and close the window.
An Alternative Method to Record Payments Credit Cards in QuickBooks Online
Write a Check
You have to create a cheque to record it in QuickBooks if you pay the credit card amount using the cheque.
- Click on the +New sign.
- Go to the Suppliers.
- Then click on the check option.
- Select the name of the supplier for the payment of credit card in the Payee field.
- Go to the field of Bank Account.
- Choose the bank account or the credit card from which you have done the payment.
- Mention the mailing address and then pick the date of payment.
- Write the check number in the field of check no.
- If you paid it electronically then you have to mention the EFT number.
- Go to the Category drop-down arrow.
- You have to do a selection from the drop-down options.
- Write the description and an amount.
- Under the Memo enter the Notes.
- Click on the button Save and Close.
Create a Transfer
By creating the transfer you can record the credit card payment using the bank transfer.
- Click on the +New option to create a new one.
- In the “Other” field, click on the option “Transfer”.
- Choose the bank account in the field “Transfer Funds From” the drop-down menu from where payment is done.
- Choose the credit card in the field “Transfer Funds To” drop-down menu where the payment goes.
- Provide the amount of payment in the field of Transfer Amount.
- You can also edit the date of payment.
- Under the Memo, you can mention the notes.
- Press the Save and Close button when you are done.
Make the Payment after Reconciling Your Credit Card
Step 1: You have to Reconcile Your Credit Card Transactions
- Open the QuickBooks Online.
- Go to the Settings that is the gear icon.
- Click on the Reconcile from the Settings menu.
- If you are doing it for the first time.
- Then click on Get Started.
- Further, select Let’s do it.
- Choose the Credit Card account.
- You have to enter the missing transactions if any from the statement.
- Also, adjust the incorrect transaction if there are any.
- When you get the difference of zero.
- Then only start the reconciling process.
- When you start the reconciling then on the screen of reconciling.
- You have to select the checkbox of the transactions that match the other transactions that are on your statement.
- Click on the Finish Now.
- After that, click on the Done button.
Step 2: Pay Your Credit Card Transactions
You have to choose the way you want to pay your credit card bills. These ways are as follows:
Pay a Portion of the Bill or all Bills: You can make the partial or full payment.
Enter Your Bill to Pay Later: You have to move the balance in the credit card account to Accounts Payable so you can also pay it later.
Done: When you do not want to record the credit card balance payments or bills when you are reconciling.
Use Banking Download
You can record the payment by transferring the record when you use to pay the credit card expense and are connected
Transfer the Payment
- In QuickBooks Online.
- Go to the Banking option.
- Then further click on the Banking option.
- Click on the account from where you want to transfer the payment.
- You have to click on the transaction.
- After that, click on the Pay down credit card.
- Click on the drop-down arrow of the transfer account menu.
- Choose the account you want to send the transaction to.
- Then click on the Confirm.
You can transfer the payment with the Record as a transfer option as an alternative method. The steps are:
- Go to the Banking option.
- Then further click on the Banking again.
- Choose the account from which you want to transfer the payment.
- Click on the transaction then select the radio button named Record as transfer.
- Hit on the drop-down arrow of the Transfer account.
- From the drop-down menu, click on the account to which you want to send it.
- In the end, click on the Confirm button.
Match the Transaction
When you have done this transfer of the transaction; match it with the new account. For this, the steps are:
- Click on the tab Recognize.
- Search for the transaction.
- Go to the Action column.
- Click on Match to match all the transactions.
In conclusion, you get to know how to record payment of credit cards in QuickBooks online. So do follow the process accordingly and get it done so that you can track your expenses properly.
Looking for a professional expert to get the right assistance for your problems? Here, we have a team of professional and experienced team members to fix your technical, functional, data transfer, installation, update, upgrade, or data migrations errors. We are here at Dancing Numbers available to assist you with all your queries. To fix these queries you can get in touch with us via a toll-free number
+1-800-596-0806 or chat with experts.
Frequently Asked Questions (Faqs)
What if I want to Enter the Credit Card Credits after Recording Payment of Credit Cards in QuickBooks Online?
In QuickBooks, click on the New button that is on the top left side of the left menu bar.
Select the Vendors column.
Click on the Credit card credit.
You have to enter the information of the credit transaction.
After that, click on the Save and Close button.
How can I Categorize the Credit Card Payments if not done while Recording Payment of Credit Cards in QuickBooks Online?
Click on the + sign that is New button.
Choose the Expense or check the option.
Provide all the details that are required like Payment account.
You have to use the section of Category details.
This section is used to enter the interest amount.
Do choose the category from where you want to track it.
Click on the Save and Close button.
Why Reconcile first and then make the Payment of Credit Card and then Record Payment of Credit Cards in QuickBooks Online?
You have to reconcile first so that you get to know about any changes or missing transactions related to the credit card. If there is any then do record the payment. You also get to know about the adjusting of amount if any. This helps you to identify your transactions that have not been recorded.