Setting Up Credit Card Accounts in QuickBooks

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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 the charges 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 contact us

The above steps will surely help you in adding a credit card in QuickBooks as per your choice. Using a credit card is a very essential thing nowadays. For more help or any information simply dial and get the response immediately. QuickBooks support are 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 support@usingpos.com and QuickBooks experts get back to you shortly with the solution.

Phone

+1347-967-4079