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Setting Up Credit Card Accounts in QuickBooks

    setup Credit Card Accounts in QB

    QuickBooks provides you a variety of features and one of the features is setting up a credit card in QuickBooks. A credit card gives options to borrow funds for any purchase or any bills. You can also set up your credit card which helps you o keep track of thecharges and payment made from credit cards.

    Below is some information reading after which you may be able to understand more about the credit cards.

    • A negative balance means you have used more than your limit
    • A positive balance means you have owed money
    • A zero balance means you didnโ€™t make any changes on the card

    Steps for Setting up the Credit Card in the QuickBooks

    ๐Ÿ’  Go toย settings
    ๐Ÿ’  Go to aย chart of accounts
    ๐Ÿ’  Select Credit card, then select continue
    ๐Ÿ’  You will get the new Account window
    ๐Ÿ’  Mention the credit card name
    ๐Ÿ’  Select the option under tracking yourย finances from this account in QuickBooksย option
    ๐Ÿ’  Enter your account balance
    ๐Ÿ’  save and close

    Total Time: 35 minutes

    How to Enter the Credit Card Charges

    These options put your account in the credit card account in the chart of accounts

    ๐Ÿ’  Select Enter the credit card changes under Banking menu
    ๐Ÿ’  select the appropriate account from credit card drop-down menu
    ๐Ÿ’  Purchase/Chargesย should be automatically selected. You can select the Refund/ Credit if you want to record the refund you got through the credit card
    ๐Ÿ’  Select the vendor under Purchased from the drop-down menu
    ๐Ÿ’  Make sure to enter the correct date
    ๐Ÿ’  Enter a memo mentioning the charge
    ๐Ÿ’  Go to expense tab and enter the expense you want to track
    ๐Ÿ’  Save and close

    How to Pay Credit Card Charges

    These options decreased the credit card amount you pay through the write checks window

    ๐Ÿ’  Select Write checks under the Banking menu
    ๐Ÿ’  Under the bank account drop-down, choose the bank account you want to use for payment of credit card
    ๐Ÿ’  Select the date of payment
    ๐Ÿ’  Select the name of your company under Pay to the order of dropdown
    ๐Ÿ’  Mention the amount of your payment
    ๐Ÿ’  under expense, tab select your credit card account
    ๐Ÿ’  save and close
    ๐Ÿ’  One your credit card account is reconciled, there are 2 options as mentioned below :
    ๐Ÿ’  write a check for payment now
    ๐Ÿ’  Enter a bill for payment later

    How to Enter the Credit Card Annual and Finance Charges

    ๐Ÿ’  Click on Settings
    ๐Ÿ’  Go to the chart of accounts
    ๐Ÿ’  Search the suitable credit card and double click the same
    ๐Ÿ’  At the bottom of the register, select payee and select the company of credit card
    ๐Ÿ’  Enter the amount in charge column
    ๐Ÿ’  Select the account drop-down and choose the expense account you want to ๐Ÿ’  choose for the tracking annual finance.
    ๐Ÿ’  Save

    How to Set Up Credit Card Accounts in QuickBooks Online

    How to contact us

    The above steps will surely help you inadding a credit card in QuickBooksas per your choice. Using a credit card is a very essential thing nowadays. For more help or any information simply dialand get the response immediately.QuickBooks supportare very polite and responsive. Team members are having deep knowledge of the same domain of many years and this makes them more perfect as compared to others. They get training under guidance from time to time under the supervision of Higher management. You can also email at [email protected] and QuickBooks experts get back to you shortly with the solution.

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