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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.
Here are the steps that you should follow to repay your credit card:
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Follow the instructions to attach the file/note with your payment:
If you are paying the amount through cheque then go through some simple steps to record credit card payments in QBs online.
A bank transfer can be used to record credit card payments. You need to look at the procedure below for doing it.
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Before making payments, you need to reconcile your credit card and for that, you need to look at the steps below.
You can choose any one way to pay your bills:
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.
You can record it as a regular expense if you are tracking a business expense that was paid for with a business credit card. This is so because the entry is a regular cash outflow for the business.
A purchase made using a credit card is not regarded as a cash transaction since the buyer waits to pay until they have paid their bill, which could happen much later.
Since the funds on your credit card are not yours and this credit line does not raise your net worth. So, a credit card is a liability rather than an asset.