How to record credit card payment in quickBooks?

As QuickBooks comes with top-notch features, it allows you to keep track of all your business financial spending when you record credit card payment in QuickBooks and helps in maintaining an excellent report. Its significance cannot be overstated, and that’s why it is so popular among small and medium-sized businesses. But, you might not be aware of how to record credit card payment in QuickBooks. Today’s article is to record a credit card payment in QuickBooks. So, be with us till the end of the post. Let’s go.

How to Record a Credit Card Payment in QuickBooks Desktop?

Here are the steps that you should follow to repay your credit card:

• Tap on the + New option and move to the Money Out menu if you see it as a business or click on Other if using it as an accountant.
• Choose Pay Down Credit Card and select the credit card.
• Now, enter the amount and date then select the account.
• If you are paying through check then hit on ‘I made payment with Cheque’.
• Don’t forget to write the check number.
• And if you are paying online then write down the EFT number.

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Steps to Include a File/Note with your Payment

Follow the instructions to attach the file/note with your payment:

• Choose + New option and move to the Money Out menu if you see it as a business or click on Other if using it as an accountant.
• Choose Pay Down Credit Card and select the credit card.
• Now, enter the amount and date then select the account.
• Add any file attachments or notes after that.
• Then, hit on ‘Memo & Attachments’.
• Lastly, follow the on-screen instructions.

How to Record Credit Card Payment in QuickBooks Online?

If you are paying the amount through cheque then go through some simple steps to record credit card payments in QBs online. 

• Click on +New and move to Suppliers.
• Tap on the Check option and choose the supplier name.
• Hit on the bank account and select Bank Account or Credit card.
• Enter the mail address and date then type the check no.
• If you are paying online then write down the EFT number.
• Now, mention the description and amount.

A bank transfer can be used to record credit card payments. You need to look at the procedure below for doing it.

• Hit on + New and choose Transfer.
• Then click on the Bank account from where you will pay the credit card amount.
• Choose the credit card from where you made the payment under the “Transfer Funds To” option.
• From the Transfer Amount option, type the amount.
• Add ‘notes to Memo’.

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After You’ve Reconciled your Credit Card | Make Payments

Before making payments, you need to reconcile your credit card and for that, you need to look at the steps below.

Step 1: ‘Reconcile’ your Credit Card Transactions

• Tap on Settings and choose Reconcile.
• If you are doing it for the 1st time then choose to Get started and then Let’s Get Reconciled.
• Choose the card account and if you find missing transactions from the record, enter them, and if there are any errors, rectify them.
• Click on Start reconciling if the difference has reached zero.
• To designate a transaction as cleared, check the box next to it when compared to the transaction on your record.
• Press Done after selecting Finish now.

Step 2: Pay your Credit Card Transactions

You can choose any one way to pay your bills:

• Pay the entire or part of the bill right away: Make a complete payment or a down payment.
• Add a bill for later payment: Transfers the credit card account’s remaining balance to Accounts Payable so that you can pay it later.
• Done: If you prefer not to include credit card bills or balance payments in your reconciliation.

 Conclusion

As you’ve seen, there are a few procedures you must take to effectively record a credit card payment in QuickBooks. You won’t run into any problems if you properly follow these directions. This might help you keep track of your spending. For any more info, you can always get back to us.

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