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!

Click here to save your seat  → Join My Free Workshop!

 

🙋🏻‍♀️ I’d love to connect with you on Instagram or Facebook

Subscribe for more QuickBooks tips on YouTube

 #CandusKampfer