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In today’s life, everyone is so much busy that they are not aware of the expenditures which they are doing from the credit card. The major issue arises if they don’t pay the minimum amount of the credit card their cibil score gets impacted. This may fall in getting any further or personal loans from the financial institutions. So, we are here to share the good news for QuickBooks users while introducing a credit card enhance feature in the accounting software. With the help of this unique feature, you will be able to track your daily, weekly, monthly, quarterly, half-yearly, and yearly expenditure in just a click. Now let’s understand how to enter credit card charges in QuickBooks by reading further.
Steps of Entering Credit Card Charges in QuickBooks
These steps will safeguard against any errors and make entering payments easier in your business. Follow these below-mentioned steps to enter credit card charges in QB:
- Firstly, click on banking and then enter credit card charges.
- Now, you have to click on the credit card account.
- You need to add the amount of the charge.
- Next, locate the transaction and then click the account category for the expense by going in the detail section.
- Finally, you are supposed to review the entry and then click save & close.
Further, we will share the steps to enter credit card charges in QuickBooks Online.
How to Enter Credit Card Charges in QuickBooks Online?
Keeping track of your credit charges and expenses become simple once following the steps of entering credit card charges in QuickBooks Online:
First, by clicking on the gear icon you have to navigate to the chart of accounts. With this, you need to hit chart of accounts option.
- Create Credit Card
Click on the new button for adding the information of the credit card account. You have to give the correct details of account type, name of the account, detail type, current account balance, and a description.
- Review Updated Chart of Accounts
You need to double-click on the review updated chart of accounts to confirm that the new credit card account has been added in the list of chart of accounts. For this, you need to look for the new account by looking for the chart of accounts list.
- Navigate to Credit Card Register
Now, you can easily access the account register after adding the credit card account. In your credit card register, you will get all the transactions that were recorded to the credit card in QB.
- Enter Credit Card Charges
You need to go to the credit card register option and then complete the field i.e. cc expense, expense, cc credit, and bill payment. Along with this, you have to choose the transaction type. For this, you need to click on the drop-down arrow. With this, you will be choosing a transaction type. Lastly, you have to fill all the required fields and then click on save.
Last but not the least, we will get familiar with the steps of entering credit card charges in QuickBooks Pro.
Also Read: What is a Credit Memo in QuickBooks? – A Complete Guide
How to Enter Credit Card Charges in QuickBooks Pro?
Entering credit card charges in QuickBooks Online will help you in maintaining the daily transaction history. These instructions will help you to enter a credit card in QB Online:
- Select Credit Card
Firstly, you need to click on the credit card option and then click the continue button.
- Enter the Account Name
You have to add the account name you linked with your credit card account.
- Add Summary
You can add a description to your credit card account. It is an optional step.
- Enter your Credit Card
You have to type your credit card number in case you want QuickBooks accounting software to remember this information.
- Add a Tax Line
If you want, then you can add a tax line. In case you face any issue with this, you can connect accounting professionals.
- Add Correct Opening Balance
There is an option to add an opening balance for your account.
- Save Credit Card Account
Last but not the least, you need to click the save & close button.
Conclusion
The blog has proffered you the steps of how to enter credit card charges in QuickBooks in a concise manner. Before this blog ends, we hope the above steps positively suffice your daily business responsibilities. Apart from this, the steps of entering credit card charges in QuickBooks, QuickBooks Online, and QuickBooks Pro are mentioned in the blog. The steps given might make your business routine in a much smoother way.
If you still have any questions on how to enter credit card charges in QuickBooks, then dial the Toll- Free QuickBooks Support Phone Number.
FAQ’s
A: To import credit card transactions into QB, you have two options for the same. The first one is to connect your bank account to the QuickBooks accounting software. It will help you to automatically import into the software. On the other hand, in case the bank doesn’t integrate with the software, you can import credit card transactions with the help of a CSV file.
A; Follow these steps to enter credit card payments in QuickBooks:
1. First, you need to open the chart of accounts.
2. Now, hit view register link.
3. You need to click on CC Credit option.
4. You have to complete the given fields.
5. Lastly, you are required to click on the Save button.
A: These steps will help you in entering the credit card surcharge in QB:
1. Firstly, you need to click on add line.
2. Click on the charge convenience fee which you have created.
3. Finally, you are required to click on save and close.
A: The accounting software charges 2.9 percent for invoiced cards including 0.25 per transaction.
A: No, the QuickBooks users can’t negotiate the interchange or assessment fees. You can contact the accounting professionals for further doubts. You can shop payment processors as well as pricing plans to decrease the fees you pay to the processor.
A: You can either enter credit card transactions via the plus icon or the chart of accounts.
> Follow these steps to enter credit card transactions via the Plus icon:
1. First, you need to go to the plus icon.
2. Click on expense.
3. You need to click a payee and then credit card on the Bank/Credit account.
4. You have to fill out the information which is essential.
5. Finally, click save and then close.
> These instructions will help you to enter credit card transactions via the chart of accounts:
1. Firstly, you have to go to the accounting menu.
2. You need to check for the credit card account on your system.
3. Next, you are supposed to click on the view register link.
4. You have to click on the added expense and click the specific transaction type.
5. Now, you need to add the essential info.
6. Lastly, you are required to click on save.
A: You need to click on reconcile at the time of paying a credit card bill from any of the main accounts. With this, you need to click on the credit card account and add the payment amount and hit the reconcile button.
A: These steps will allow you to import the credit card transactions into QB Online:
1. First, you have to go to the banking center. With this, you need to choose from the list of
banks/credit card companies.
2. Now, you are required to log into your business credit card account.
3. You are supposed to click on business credit card accounts.
4. Lastly, click on the right date range.
A: In such circumstances, you need to immediately contact the QuickBooks professional and ask for assistance.
A: Follow the given below instructions to enter credit card annual and finance charges:
1. First, you have to click on settings and then the chart of accounts.
2. Now, you need to double-click on the correct credit card account.
3. Click the payee field and then choose the credit card company.
4. Enter the amount in the charge column.
5. You have to choose the account drop-down and expense account.
6. Finally, click on save.
7. First, you have to click on settings and then the chart of accounts.
8. Now, you need to double-click on the correct credit card account.
9. Click the payee field and then choose the credit card company.
10. Enter the amount in the charge column.
11. You have to choose the account drop-down and expense account.
Finally, click on save.
