When purchases are made from debit cards, certain users prefer keeping a track of them. In doing so, the exact dates and values of each purchase can be recorded for future accounting purposes. Some users find QuickBooks useful for recording these purchases. In this software, two methods can be applied for entering them. Through the menu of Banking, you can choose either Write Checks or Cash Expenses to create an entry for debit card purchases.
Being completely familiar with the use of Write Checks and Cash Expenses options can help you learn how to record a debit card purchase in QuickBooks. Going through our blog will make you familiar with both options.
Let us go through the methods that we will be using for recording debit card purchases in this accounting software:
How Do I Record My Debit Card Purchases in QuickBooks?
The option of Write Checks enables you in recording or entering debit card purchases in QuickBooks. Usually, you can use this option after going through the Banking menu. Likewise, you can also opt for Cash Expenses from the same menu. After selecting any one of these options, you will have to enter the needed details. Doing so can help you understand how to record a debit card purchase in QuickBooks.
For knowing more about the usage of these options, please read below.
Option 1: Adding a Debit Card Purchase Using QuickBooks Write Checks Option
In the QB software, a debit card purchase can be recorded through the Write Checks option. You can find this option by visiting the Banking menu in QuickBooks. You may deselect the Print Later option if you do not require a printout. After this, include all the details associated with the purchase made via your debit card. You can write the Check Number, Memo, and other such details. After this, save all the details to record the purchase.
The step-by-step directions to understand how to record a debit card purchase in QuickBooks have been given here:
- Initiate the opening of “QuickBooks”.
- Head to “Banking”.
- Click on “Write Checks”.
- The following box need not be selected:
- “Print Later”
- In “Check Number” add a code for the debit card purchase.
Quick Tip: You may be using multiple debit cards. To record the purchase for them, add the name of your bank. Then include the codes for the same.
- Mention the date of the purchase.
Quick Tip: In this software, you can record your transactions as well. So, if you have made any of them, you can see this method to record a debit card transaction in QuickBooks and its versions.
- Include the recipient.
- Write the final amount of this purchase.
- Any extra amount relating to the purchase can be typed in “Memo”.
- Select “Save”.
Note: The purchase will get recorded in the register in QuickBooks. To check that it has been assuredly recorded, you can go to “Lists”. Then head to the option of “Chart of Accounts”. You can tap two times on the name of your account. Now, you will be able to check that the debit card purchase has been recorded in the software.
Option 2: Recording Debit Card Purchases via Cash Expenses in QB
For adding your debit card purchases in QuickBooks, the Cash Expenses option can be used. You can locate it in Banking. Using this option, you can find Cash Account. You will be asked to create a code that hints at your debit card. After it has been created, input information in Purchase from and Account. After this, you only need to save this information.
- Run “Banking” in the software.
- Select “Cash Expenses”.
- Opt for your bank account in “Cash Account”.
- Mention a code relating to your debit card.
- Click on “Purchase from”. Type in the name of your vendor.
- Enter the values indicating the amount of purchase.
- Provide the correct date of the purchase.
- In “Account”, add an expense account.
Note: By adding an expense account in this step, you will be able to track your charges.
- Press “Save”.
Learning about how to record debit card purchases in QuickBooks is easier with this method. However, you can choose either of these methods based on your convenience and availability of information.
Quick Tip: Just in case you are using a credit card instead of a debit card, you can record your payments in the software. Click here to see how to record your credit card payments in QuickBooks Desktop.
Here, we found that QuickBooks enables its users to utilize two ways to record their debit card purchases. These ways work in a similar manner. However, the information or details required for using them can vary. Based on the details that exist with you, the ideal way or method can be chosen. Thus, your purchase from the card will be entered. Afterward, it will be easier for you to maintain each purchase’s record. You may also share this record with your accountant for reference in the time to come.