Quickbooks Tip: Using Credit Card Charges

I've had to take a little break from blogging, because I was busy studying for, and becoming, a Certified Quickbooks ProAdvisor!  I've recently discovered that there is a demand for personalized, one-on-one Quickbooks training - and I've decided to specialize my business.

What better way to start than to share useful tidbits about Quickbooks to you?  The first tip that I will share involves using the credit card charges function!

Credit Card Charges Function in Quickbooks

Many of you may be doing this already, but in case you are not (treating your credit card issuer as a regular vendor in Quickbooks) this really is a great tool!  The best part about it is - you will have access to much more information (see in one place the bills you have paid with cheque or visa), and find specific credit card charges quicker! 

Step 1:  Set up your credit card as an account, and select "credit card" as the type

 

Lists / Chart of Accounts / Edit / New Account / Select Type "Credit Card" / Account Name as the Name of the Card (i.e. Scotiabank Visa)

Step 2:  Enter Credit Card Charges, One by One

Banking / Enter Credit Card Charges

Select the Credit Card You Are Paying With / In "Purchased From" Field Choose the Vendor You are Paying (Do not forget to use the date on the receipt, not the statement date)

Step 3:  Reconcile the Credit Card Statement 

When you receive the statement:  

Banking / Reconcile

Choose the credit card you are reconciling / Enter the statement balance / Enter any applicable credit card charges / Reconcile the Account as You Would a Bank Statement

 

Step 4:  Pay the credit card statement or set it up as a payable

Once you have reconciled the credit card, you will have the option to pay the invoice now - or set it up as a payable.

Then you're finished!  When you are in the Vendor Summary - you will see your credit card payments and cheque payments, all in the same place!

Did this help you?  Want to know more?  Do you have a specific Quickbooks item you need help with?  Please leave your comments below!  Thanks for visiting!