Recording Credit Card Transactions in QuickBooks: Best Practices

Mark has researched and reviewed accounting software at Fit Small Business since and has developed an extensive knowledge of accounting software features and how unique business needs determine the best accounting software. This article is part of a larger series on Accounting Software. In this lesson, we will cover the normal method, but also give you a shortcut method to consider.

To help you decide which QuickBooks product is for you, check out our comparison of QuickBooks Desktop products. You can visit the QuickBooks website to learn more about the available discounts on the other QuickBooks Desktop products. Visit QuickBooks Desktop. Watch the video below and use the step-by-step instructions that follow. You can follow with your QuickBooks Desktop account to better understand each step.

There are two ways to enter credit card charges in quickbooks desktop up the Enter Credit Card Charges screen. You can click on the Enter Credit Card Charges icon under the Banking menu on the lower right-hand side of the homepage, or tap on the Banking menu on the top of the screen, then select Enter Credit Card Charges from the drop-down menu:.

You can learn more about Expenses vs Items from the QuickBooks help section. There you go—you have just entered a new credit card charge in QuickBooks Desktop. While the shortcut method can save you some time, it does have some drawbacks.

To enter a credit card charge in QuickBooks Desktop using the quickbooks desktop journal entry method, follow the steps below:. Next, choose your credit card account from the drop-down list, and then click OK. Select the Credit Card Enter credit card charges in quickbooks desktop drop-down list. After clicking OK, the credit card register will appear.

You will notice that the credit card charge we just entered is now in the register:. Credit Card Charge is Recorded in the Register. From here, you can record a new credit card charge instantly. Click on the bottom-most entry in the register, choose the appropriate account, and add other relevant information like amount and memo:. Shortcut method enter credit card charges in quickbooks desktop entering credit card charges in QuickBooks Desktop.

Again, be cautious when using the shortcut method. While it is faster, the information you can record in QuickBooks Desktop is limited. Find Timothy On LinkedIn. He then taught tax and accounting to undergraduate and graduate students as an assistant professor at both the University of Nebraska-Omaha and Mississippi State University.

Enter credit card charges in quickbooks desktop most recently spent two years as the accountant at a commercial roofing company utilizing QuickBooks Desktop to compile financials, job cost, and run payroll. Find Mark On LinkedIn. Mark Calatrava is an accounting expert for Fit Small Business. He has covered more than 50 accounting software for small businesses and niche industries and has developed an in-depth knowledge of the important features of accounting software and how the importance of these features vary by business.

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We may make money when you click on links to our partners. Learn More. Published October 6, Table of Contents. Visit QuickBooks Desktop Watch the video below and use the step-by-step instructions that follow.

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How to Enter Credit Card Transactions in QuickBooks?.

 
Enter Credit Card Charge. From here, you can record a new credit card charge instantly. From the Banking menu, select Enter Credit Card Charges. · Select the credit card account from the Credit Card ▽ dropdown. · Purchase/Charge is the default.

Set up, use, and pay credit card accounts – How to Enter a Credit Card Payment

Before manually entering your credit card charges, ensure you have your credit card included within your chart of accounts. Tip: Interested in an alternative to QuickBooks Pro?

Then, fill out the following:. Manually entering credit card charges in QuickBooks Online gives you the most accurate and up-to-date financials. Manual entry of credit card charges gives you the most current and accurate data. This method eliminates the lag between the time of the transaction and its posting to your statement.

Manual entry is especially important if you use accrual accounting. Entering credit card transactions to QuickBooks Online is quick and easy. This article is for business owners who want to enter their credit card transactions manually in QuickBooks Online. Business owners and accountants may want to manually enter credit card transactions into QuickBooks Online if the following is true: Your business has a low number of credit card expenses.

You are not able to import charges via QuickBooks Online bank feeds. You want the most up-to-date and accurate financials daily and monitor your budgets closely.

You need up-to-date financials due to end-of-accounting-period reporting , and pending charges cannot be imported via QuickBooks Online bank feeds.

How to enter credit card charges into QuickBooks Online The quickest way to enter credit card charges into QuickBooks Online is to manually key in the transaction and match those transactions to your bank feed once the bank feed transactions appear on your register.

Option 1: Enter transactions and match them to the bank feed. If the payee information is already in your QuickBooks Online system, the dropdown under Payee will allow you to select their name. After selecting the type, you can also update with specifics about the payee, such as their address, phone number, business ID and Social Security number. In the Payment Account field, select the appropriate account. Name: Give the account a name. Description: Optionally, fill out any additional information.

Payment date: Enter the date of payment. Tags: Think of tags as custom labels that allow you to track, access and retrieve transactions. In the example below, a Business Consulting tag has been added to help the user allocate this expense. Option 1 alternative: Upload receipts. QuickBooks Online will prompt you to match the transaction from the Banking command. Option 2: Use your bank feed to enter transactions. Option 3: Enter transactions into the credit card register.

The following steps outline how to enter your transactions into the credit card register. Detail type: This will update automatically, once you have completed the above. Name: This will also update automatically. Description: This step is optional. When do you want to start tracking your finances from this account in QuickBooks? Enter your balance from that specific date.

Date Payee Charge: Enter a dollar amount. Ref no. Memo: This is also optional. How to enter credit card charges into QuickBooks Pro If you have the desktop version of QuickBooks Pro, you will manually enter credit card transactions differently.

Then, fill out the following: Purchased from: Select the vendor from the dropdown menu. Date: Use the calendar to select. Amount: Key in the amount of the transaction. Memo: Describe the purchase via this text box.

Additional information: While QuickBooks Pro will automatically record the expense account and transaction amount for you, here, you can add more information about the transaction. If you had one total transaction, but the transaction included more than one category of items, additional information is necessary. Trish Petak. There are two ways to bring up the Enter Credit Card Charges screen.

You can click on the Enter Credit Card Charges icon under the Banking menu on the lower right-hand side of the homepage, or tap on the Banking menu on the top of the screen, then select Enter Credit Card Charges from the drop-down menu:.

You can learn more about Expenses vs Items from the QuickBooks help section. There you go—you have just entered a new credit card charge in QuickBooks Desktop. While the shortcut method can save you some time, it does have some drawbacks. To enter a credit card charge in QuickBooks Desktop using the shortcut method, follow the steps below:. Next, choose your credit card account from the drop-down list, and then click OK.

Select the Credit Card Account drop-down list. After clicking OK, the credit card register will appear. You will notice that the credit card charge we just entered is now in the register:. Credit Card Charge is Recorded in the Register. From here, you can record a new credit card charge instantly. Click on the bottom-most entry in the register, choose the appropriate account, and add other relevant information like amount and memo:.

Shortcut method of entering credit card charges in QuickBooks Desktop. Again, be cautious when using the shortcut method. While it is faster, the information you can record in QuickBooks Desktop is limited. Find Timothy On LinkedIn. He then taught tax and accounting to undergraduate and graduate students as an assistant professor at both the University of Nebraska-Omaha and Mississippi State University.

He most recently spent two years as the accountant at a commercial roofing company utilizing QuickBooks Desktop to compile financials, job cost, and run payroll. Find Mark On LinkedIn. Mark Calatrava is an accounting expert for Fit Small Business. He has covered more than 50 accounting software for small businesses and niche industries and has developed an in-depth knowledge of the important features of accounting software and how the importance of these features vary by business.