One of the most common areas of QuickBooks I see users making mistakes in is… (drum roll please 🥁) Credit cards!!
So I figure let’s get that fixed starting today! This video is a step-by-step guide to show you how to enter your charges and apply your payments properly (including partial payments), and how to reconcile your cards each month 🙌🏻
Are you ready to learn how to enter credit card charges into QuickBooks Online?
Grab a pen and paper and let’s get started 📝
If you’re looking for the Desktop version of this video click here
What are Bank Feeds?
- When you sync QuickBooks with your Bank or your Credit Card and it brings in the data automatically, it tries to help you by entering in the transactions (It speeds up the process but it’s not recommended to start)
**Grab your Statement
Setting up Credit Card
- Go to “Accounting”
- “Chart of Accounts”
- Click “New”
- Choose “Credit Card”
- Choose “Save account under”
- Tax Form Section “Credit Card”
- “Account Name” Recommended to Add the last 4 digits of your Credit Card
- “Description”
- “Start Date and Opening Balance”
- Beginning of this Year
- Beginning of this month
- Today
- Other Date (Enter Dates)
- Click “Save”
Adding Beginning Balance
- Go to your “Chart of Accounts”
- Click “View Register” to open the Account
- Click the Dropdown and choose “CC Expense”
- Enter Details
- Date
- Opening Balance
- Amount
- Opening Balance Account
**You can also add the Credit Card charges inside Check Register and add details
Entering Credit Card Charges
**You can enter them in Expense or Check Register
Under Check Register add details
- Date
- Account
- Amount
- Choose Subaccount – If you want to
Under Expense add details
- Payee
- Payment Account
- Payment Date
- Payment Method
- Ref No.
- Tags
- Category
- Description
- Amount
- Billable
- Tax
- Customer
- Click “Save & Close” or “Save & New”
Entering Payment
- Go up to New
- Expense
- Payee
- Payment Account (Make sure to do this correctly)
- Payment Date
- Payment Method
- Ref No.
- Tags
- Category
- Description
- Amount
- Billable
- Tax
- Customer
- Click “Save & Close” or “Save & New”
Reconcile
- Click Reconcile button in the Register
- or go under “Accounting” and choose “Reconcile”
- Enter “Ending Balance” & “Ending Date”
- “Date”, “Finance Charge” and “Expense Account”
- Click “Start Reconciling”
**Grab your Statement and check all transactions
**Make sure “Difference” is always Zero
- Click “Finish Now”
Checking Debits and Credits of Transactions
- Go to your transaction
- Click “More”
- Click “Transaction Journal”
______________________
Have you been using QuickBooks for a while, but when you pull a report you just don’t understand what it’s saying?
Does the idea of going to see your tax professional sound a little stressful and maybe cause you to feel like you want to pull your hair out?
I would love for you to join me on my customizing QuickBooks workshop.
I’ll be sharing:
- The most efficient way to track your Income and Expenses.
- How to create accurate reports in order to view how your business is actually doing and stop second-guessing yourself.
- Where to get the data you need to make the best decisions to grow your business.
And the #1 SECRET to feeling confident at your next tax appointment.
I’m excited to see you on the workshop!
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#CandusKampfer
I would like to know what 3rd party vendor you use. We just recently switched from debit cards to credit cards, and the company the card uses to upload the receipts, and information, does not sync directly to QBO.
Hi Linda,
Our credit card companies sync directly with QBO and upload through bank feeds. ~Kindra/Team Candus
Is there an easier way than entering 53 separate transactions per month?
Hi Jen,
Using bank feeds can help speed things along. ~Kindra/Team Candus
Hi Team Candus,
I watched this video, and it was very helpful, thank you. Candus mentioned if we wanted to see a video with bank feeds to let her know and she would send.
Can you please email me this video on bank feeds for credit cards and bank statements?
Thank You!
We’ll be adding to our list of future topics and send it along when it’s ready. Thank you! ~Kindra/Team Candus
Candus,
Thank you! Is it possible for you to send this video to my email?
[email protected]
Thank you!
I sent it, thanks Mary! ~Kindra/Team Candus
IS THERE A WAY TO ENTER TOTALS BY TYPE (EXAMPLE, ALL GAS FOR MONTH)?
Hi Jen,
Have you set up a “fuel” account in your chart of accounts? Then each fuel transaction can get assigned to that account. ~Kindra/Team Candus
no, is there a tutorial for that? thank you
Hi Jen,
Not specifically for fuel but here is a tutorial that might help you with underlying understanding. 😊
https://canduskampfer.com/customize-your-chart-of-accounts-for-profit-loss/
~Kindra/Team Candus
I use another third-party software that allows my employees to upload their receipts and then it flows to QBO in the bank feed. Doing this it adds vendors for each transaction. So our vendor list is super long. Is there an easy way to clean this up, or should I just merge the vendors? I didn’t know if we should be creating vendors with general names, such as “fuel”, “hardware store”, etc. I just thought it would help out such a long vendor list, but maybe I need to keep the separate vendors.
Hi Brooke,
You can always make a vendor inactive if you don’t want to delete them or merge them. ~Kindra/Team Candus
Hi Candus, Can you do a video on cleaning up just the uncleared transactions that may be old or duplicates?
Hi Darlene,
This is something Candus teaches inside her QuickBooks Simplified community. You can attend her free workshop on cleaning up to learn more: https://canduskampfer.com/cleanup.
Kindra
Team Candus
Great information! I love that you talk fast and move things along quickly 🙂 I really enjoyed this video and look forward to watching more as I continue to learn my way around Quickbooks.
Thank you so much Karen! We are so glad you enjoyed the tip.
Blessings,
Kindra/Team Candus
Can I set up a time to ask you two questions?
Hi Kim,
Candus does not offer 1:1 sessions but does help her Confidence with QuickBooks community with Q&A. You can join her workshop on Customizing QB for your Business to learn more: https://canduskampfer.com/workshop.
Have a great day,
Kindra/Team Candus
I finally watched one of ur videos and I learned sooo much from it!!! I will for sure be watching more and thanks so much for taking the time to do them and for free. U are a Godsend ❣️
Thank you Stacey, that means a lot. We love hearing that!
Kindra/Team Candus
Thank you for your videos! I’m a new QB user and it’s been a while since I’ve had an accounting class! Your videos are definitely helpful as I learn how to use QB efficiently.
We appreciate that so much, thank you!
Kindra/Team Candus