Entering your credit card charges in the QuickBooks software is a helpful practice. It enables you to keep a track of the history of your daily transactions. The users who know how to enter the credit card charges in QuickBooks have been able to easily maintain each transaction and its history. Those of you who are not yet familiar with the method to add these charges should consider reading this blog. Our methods will guide you in adding the credit charges in QB Desktop, QB Online, and QB Pro. Along with these methods, you can also check out the steps for making a credit card account.
This blog carries two sections. The first section of the blog will present the best ways to enter the credit card charges in QuickBooks. And in the second section, you can learn to make a credit card account. To know more, you can read below.
- Methods for Recording Credit Card Charges in QuickBooks
- Method 1: How to Enter Credit Card Charges in QuickBooks?
- Method 2: How Do You Enter the Credit Card Charges in QuickBooks Online?
- Method 3: What is the Method for Manually Entering the Credit Card Charges in QuickBooks Pro?
- How to Make a Credit Card Account in QuickBooks Pro?
Methods for Recording Credit Card Charges in QuickBooks
This blog will unfold to you 4 methods for entering the credit card charges in QuickBooks. These methods will be suitable for the users of Online and Pro as well. The methods for entering the charges in QuickBooks, QB Online, and QB Pro are slightly different in terms of steps. Therefore, for all the versions, we have separately mentioned these steps.
Must Read: How to Add an Account to QuickBooks Online?
Method 1: How to Enter Credit Card Charges in QuickBooks?
Entering the credit card charges in QuickBooks will never seem tough if you know the right method of doing it. Here, you can see the best method for entering the charges. You can click-open the Banking option in the QB software. Then you will see the Credit Card Charges. You can mention its amount and then move on to the Transaction option. After selecting the account category, you can review the entry you have made. To end the method, you can save the changes.
1. In “QuickBooks”, look for the “Banking” option.
2. Now, provide the “Credit Card Charges”.
3. In the third step, fill in the “Amount” of the credit card charge.
4. Look for the option of “Transaction”.
5. Then select the “Account Category” as per the expense. You will find this option in the section of “Detail”.
6. Carefully, check the entry.
7. Then press “Save & Close”.
Method 2: How Do You Enter the Credit Card Charges in QuickBooks Online?
The method to enter the credit card charges in QuickBooks Online distinguishes a bit from the one you read in the former section. In this software, you need to go to the chart of the accounts from the Gear icon. Then press “New”. Now, you will be needed to input the needed information for proceeding ahead. From the option of Review Updated Chart of Accounts, you can check if the addition of your account has been successfully done. Afterwards, you can input the credit card charges.
Now, you can read all the steps below to check out how to enter the credit card charges in QuickBooks Online.
1. Open “QuickBooks Online” in the first step.
2. Then press the “Gear” icon. This will help you in locating the chart of the accounts.
3. Select the option of “Chart of Accounts”.
4. To enter your credit card account’s information, tap on “New”.
5. Enter the information for the following:
(i) Account Type
(ii) Name of the Account
(iii) Detail Type
(iv) Current Account Balance
Please Note: While entering the required information, make sure that it is correctly filled in by you.
6. Locate the “Review Updated Chart of Accounts” options. Click on it twice for confirming that your new account for the credit card has been included in the chart of accounts list. To go through the charts of account list, you can click on the “New Account” option.
7. Once your credit card account has been added, you can visit the credit card register to access it. It will give you the information about every transaction that has been recorded to your card in QuickBooks. Tap the option of “Credit Card Register”. Then fill in the information for the following fields:
(i) CC Expense
(iii) CC Credit
(iv) Bill Payment
8. Next, the “Transaction Type” has to be selected. Tap the arrow of the “Dropdown” to find this option.
9. Input the information in the fields that are required.
10. Tap on “Save”.
Method 3: What is the Method for Manually Entering the Credit Card Charges in QuickBooks Pro?
This section will make you familiar with the method to manually fill in the charges for the credit card in QB Pro. Despite being a manual approach, this method will not seem hard. To initiate it, you can tap on the option of the Credit Card in QuickBooks Pro. Then you can pick the type of transaction. Additionally, pick the Vendor and then add the date of the credit card charge. By administering a few more steps, the credit card charges will get added in QB Pro.
Must Read: How to Merge Vendors in QuickBooks Desktop?
1. Choose the “Credit Card” for which the charges have to be entered.
Please Note: In case you own only one credit card, it will be automatically chosen by QuickBooks Pro for the credit card account.
2. Choose the type of transaction for your Credit Card.
3. Pick the “Vendor” that is linked to the credit card charge.
Please Note: In case you are required to make a new vendor, please do so.
4. With the help of the “Calendar”, pick the date on which the charge was applied to your credit card.
5. As an optional step, you can include a “Reference Number”.
6. Write the amount of the credit card charge.
7. Then provide a memo in case you need a reference in future for knowing why your credit card was charged.
8. Now, you will find an option to write any additional information in case you wish to do so.
9. Next, click on the dropdown menu for choosing the account for categorizing every expense.
10. Tap on “Save & Close”.
Please Note: You can tap on “Save & New” in case more charges have to be added.
How to Make a Credit Card Account in QuickBooks Pro?
In addition to learning the method for recording the credit card charges in QuickBooks Pro, here you can learn to make your credit card account in this software. Once this software is open on your system, you can tap on the option of the Credit Card. Then tap on Continue. Now, provide the credit card-associated Account Name and then write a Description. After writing the Credit Card Number, you can write the Tax Line as well as the Opening Balance. Lastly, you can save everything.
1. Open “QuickBooks Pro” on your system.
2. Select the option of the “Credit Card”.
3. Then tap on “Continue”.
4. In the fourth step, write the correct “Account Name” which is associated with the credit card account you own.
5. For the account of your credit card, enter a description if you wish to do so.
6. Next, fill in the “Credit Card Number”.
Please Note: You can fill in the “Credit Card Number” only if you agree with QuickBooks Pro remembering this piece of the information.
7. Include the “Tax Line”.
Please Note: While including the “Tax Line” in QuickBooks Pro, certain users reported that they were experiencing some problems. In case you also experience some problems while entering it, we will suggest that you get in touch with an accounting professional.
8. In the eighth step, provide the “Opening Balance”.
9. The last and the most important step is to press “Save & Close”.
Once your credit card account has been created, you can easily enter the charges for your card in QuickBooks Pro.
Remarks in Closing
We hope that by now you have finished reading this blog. Surely, now, it will be easier for you to enter the charges for your credit card. When you develop the habit of recording these charges on an everyday basis, you will be able to track the history of the transactions.
If you found this blog worth reading, then you will definitely like reading our other blogs as well. Everything about the QuickBooks 1099 forms has been widely discussed in this blog. Click here to read it right away. Also, check out the methods to backup and restore QuickBooks files.