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 Desktop? 

Grab a pen and paper and let’s get started 📝

If you’re looking for the Online version of this video click here

Process of Setting Up Credit Card

• Go up to “Lists”
• “Chart of Accounts”
• Go down to “Account”
• Choose “New”
• Choose “Credit Card”
• Click “Continue”
• Add “Details”
  • Account Name: Remember to add the last 4 digits of your card number
  • Checkmark Sub-account of, (**If only you are creating a Sub-account)
  • Description
  • Enter opening Balance **If you have a beginning balance
  • Click “Save & Close”

 

Entering Beginning Balance

• In your Chart of Accounts, double-click the Credit Card Account, to enter your beginning balance details

 

Entering Credit Card Charges or Refund

**Grab your Credit Card Statement

• Go up to “Banking”
• “Enter Credit Card Charges”
• Select “Credit Card”
• Choose “Purchase/Charge” or “Refund/Credit”
• Purchased From”
• “Date”
• “Ref No.”
• “Amount”
• “Memo”
• “Expenses” Tab / “Items” Tab if you are using Inventory Tab
• “Account”
• “Amount”
• “Memo”
• “Customer: Job”
• “Class”
• Click “Save & Close”

 

**You can also enter your charges when you go to

• “Lists”
• “Chart of Accounts”
• Then double-click your Account to enter charges

 

Paying Credit Card

**You can enter them in Write Checks or Check Register

• Go to “Write Checks”
• Select the “Bank Account”
• “No.”
• “Date”
• “Pay to order of” (Credit Card is a Vendor)
• “$” amount
• Enter your breakdown under “Expenses” Tab
• Click “Save & Close”

**If you’re looking at your transactions and you want to know your Debits and credits, you can click Ctrl+Y to bring up your Debits and Credits 

 

Reconciling

**Grab your Credit Card Statement

• Choose “Account”
• “Statement Date”
• Check “Beginning Balance”
• Enter “Ending Balance”
• “Finance Charge”
• “Date”
• “Account”
• “Class”
• Click “Continue”
• Checkmark the transactions to match the “Credit Card Statement”
• “Difference” should always be Zero
• Click “Reconcile” or “Leave” (If you’re not done yet with your reconciliation)
• “Make Payment” screen will show
• Click “Cancel”
• “Select Reconciliation Report” screen will show
  • Summary
  • Detail
  • Both
  • Click “Display”

• Go up to “Print”
• “Report”

 

**If you need to Edit a transaction, double-click it then open the transaction to Edit it.

**Hide transactions after the statement’s date end date – checkmark to hide all transactions after the for period date

**Click Modify if you need to adjust anything in your reconciliation

 

Finding Reconciliation Report

• Go up to “Reports”
• “Banking”
• “Previous Reconciliation”
• Choose “Account”
• Click “Display”

 

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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!

 

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