Steps to Track Corporate Credit Card in QuickBooks:
Main Category
- Go up to “List”
- “Chart of Accounts”
- Go down to “Account”
- “New”
- “Account Name”
- Click “Save & Close”
Sub Category
- Go up to “List”
- “Chart of Accounts”
- Go down to “Account”
- “New”
- “Account Name”
- Check mark “Subaccount of”
- Click “Save & Close”
Entering Credit Card Charges
- Go up to “Banking”
- “Enter Credit Card Charges”
- “Credit Card”
**Make Sure that the Subcategory is picked as you enter credit card charges, paying credit card & Reconciling**
Remember: Reconcile each individual card.
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Share with us in the comments below – do you now understand how to track multiple credit cards?👇
Hi,
What would you do if you use a particular credit card for multiple QB files (different businesses we own) ?
Would you download transactions to each QB file and just select the ones related to that business? If so, how could you reconcile?
Thanks!
Hi Matt,
When you reconcile, you are reconciling each account. So you could set up an account for each business you want to keep track of and then assign each transaction to the account it goes to. You want to set up your accounts according to each statement you receive so that you can reconcile it. You can create subaccounts under a parent account if that makes it easier for you to track. ~Kindra/Team Candus
Hello,
I just watched your video entitled “How to track multiple or corporate credit card accounts in QuickBooks”, I work for a company that has 15 employee cards and makes a lump sum payment once a week. The payment is not made based on the entire cleared balance or pending charges, rather it is upped to the nearest thousand above the cleared and pending charges. The charges are entered under one parent account and are noted in the memo section who the user was. The reconciliation is also done on the parent account.
Based on what has been taught in this video, do you have any advice as to how I should be entering the payments to each user separately in order to be able to reconcile them individually?
Hi NT,
Thank you for reaching out.
Here is a video that may help you. Setting up subaccounts and then assigning the payments to those will allow you to keep them separate and reconcile them individually.
https://canduskampfer.com/how-to-setup-sub-accounts-in-quickbooks/
~Kindra/Team Candus
We have 1 main account with 3 sub accounts. I import the charges each month and pay off all cards in full each month, but this month credit card points were redeemed and I do not know how to enter this payment. I applied it to the main account, but now the main account shows a balance but it should be zero. All sub accounts show zero. Thanks for your help to correct this.
Management does want to track charges made by individual employee’s credit cards. However, the sub accounts do not reconcile when I do the parent account reconciliation. How do I clear those balances without going through the individual account reconciliation? I’m on version 2019, desktop
Any help will be greatly appreciated.
Christine,
You would need to apply each payment to the individual cards. If you are applying the charges and want them to zero out each month.
Candus
Hi Candus,
Do I have to use sub accounts for employee cards or can I just use and enter/track the parent card? I was taught to manually track the sub cards in excel by COA accounts such as travel, meals & entertainment, fuel, etc… and use those totals to enter as the parent card. I then file that excel sheet along with the credit card statement to give to our CPA at the end of the year.
Hi Ann,
Thanks for reaching out to us with your question.
Candus uses questions sent in from our community to create new tips and tricks videos each month. I’ll add your question to our list of topics for future videos.
Have a great day!
Amber
Team Candus
Thanks Amber!
Hi!
I just starting a new job and the past Accounting Manager that left did not do the credit card statements or payments correctly based off of your video. I haven’t used QB’s since 2007, but it is coming back to me. I am reconciling all 2018 to get ready for our CPA do do the companies taxes, but even if I go back and split the payments made to all of the sub accounts the ending balance will not match the last statement since it was done this way in 2016 and 2017. I don’t want to touch the previous years since the taxes are done. What are your thoughts?
I would start a new credit card account in the current year. That way you don’t mess with anything from the previous years.
You may consider asking your accountant if they will give you an adjusting entry.
Actually, I just looked again, and it looks like I AM in fact entering the charges correctly… All the individual charges are going to the correct sub accounts, and the payments are going to the main account. But the balances are still way off. Any ideas? I import our statements from Bank of America and then just make sure each charge is being applied to the correct expense account before approving the charges.
Are you reconciling?
Oh wow, I’m a dummy. No, I have been completely forgetting to reconcile the credit cards. I go through and approve all the charges in the Bank Feeds section, and then I reconcile the actual payments we make on the cards when I reconcile the bank statement, but I have completely spaced actually reconciling the credit cards… Thanks for the reminder, guess I have some work to do!
That will help you figure out where the mistake is at 🙂
Thanks for the video! What if I originally set up one of the cards with sub accounts, but now that I know it doesn’t have to be set up that way, I want to switch it back to just one main account? We don’t need to track individual spending on the card. And you just showed me that I have been entering the charges incorrectly, which explains why my balances never look correct. 🙂 Is there an easy way to switch to just one general account, or would that be messy?
Hello,
I just watched your video entitled “How to track multiple or corporate credit card accounts in QuickBooks” I was new to quickbooks once I started entering credit cards. We have 4 Amex cards and I have them set up in the chart of accounts as each card. It appears that I have been adding the credit card charges incorrectly…. I have been entering all transactions via enter bills then pay bills and never using ‘ enter credit card charges. ‘ This has all been entered since February of this year. The owner gave me a statement this month from AMEX showing all of our credit cards listed under one account. Will I need to delete all that I have done and re-enter everything through the enter credit card charges function? He wanted the bill to be added, so I am not sure if I need to reconcile for the respective month for each card THEN enter the bill to Amex under a parent account in chart of accounts. Please help!!!
Sara,
I would leave the bills as they are. I would adjust the payment method.
I don’t know how you show them as paid. Did you pay with a credit card inside the bill payment screen?
Candus
Yes – That is how I have them paid. They are all showing in the accounts payable account when reviewing the register for that credit card. What I need to accomplish is adding in the Parent AMEX account, and making all the other accounts as sub accounts. The statement that has been provided from the owner is dated back in March of this year. I’m currently trying to reconcile each card to the March statement and curious if I will need to reconcile all sub account as well as the parent account – and furthermore how to enter the parent bill and have it paid.
You only need a parent account if the statement is all one account. If the statement is broke out you can keep them separate accounts.