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How to Setting Up Credit Card Accounts in QuickBooks

setup Credit Card Accounts in QB

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 didn’t make any changes on the card

Setting up the Credit Card in the QuickBooks

  • Go to settings
  • Go to a chart of accounts
  • Select Credit card, then select continue
  • You will get the new Account window
  • Mention the credit card name
  • Select the option under tracking your finances from this account in QuickBooks option
  • Enter your account balance
  • save and close

How to Enter the Credit Card Charges

This options put your account in the credit card account in the chart of accounts

  • Select Enter the credit card changes under Banking menu
  • select the appropriate account from credit card drop-down menu
  • Purchase/Charges should be automatically selected. You can select the Refund/ Credit if you want to record the refund you got through the credit card
  • Select the vendor under Purchased from the drop-down menu
  • Make sure to enter the correct date
  • Enter a memo mentioning the charge
  • Go to expense tab and enter the expense you want to track
  • Save and close

How to Pay Credit Card Charges

This options decreased the credit card amount you pay through the write checks window

  • Select Write checks under the Banking menu
  • Under the bank account drop-down, choose the bank account you want to use for payment of credit card
  • Select the date of payment
  • Select the name of your company under Pay to the order of dropdown
  • Mention the amount of your payment
  • under expense, tab select your credit card account
  • save and close

One your credit card account is reconciled, there are 2 options as mentioned below :

  • write a check for payment now
  • Enter a bill for payment later

How to Enter the Credit Card Annual and Finance Charges

  • Click on Settings
  • Go to the chart of accounts
  • Search the suitable credit card and double click the same
  • At the bottom of the register, select payee and select the company of credit card
  • Enter the amount in charge column
  • select the account drop-down and choose the expense account you want to choose for the tracking annual finance.
  • 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@accountinghub.co and QuickBooks experts get back to you shortly with the solution.

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