QuickBooks Debit Card Transactions: Steps You Need To Know

 

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Keeping a record of your expenses or purchases is a vital step for every business regardless of the type of product or services they provide. You can use the records in different ways. You can complete and maintain your accounting books and also, know where your money went when tallying, you can even check your firm’s performance and make informed decisions when you track all your purchases. However, You can use various applications for recording the purchases like QuickBooks. QuickBooks Debit Card purchases and other transaction recording features are inviting enough for users.

In the article, we’ll discuss all of How Do You Record A Debit Card Purchase In QuickBooks.

How to Record QuickBooks Debit Card Purchases?

How Do You Record QuickBooks Debit Card Purchases?

Before we actually learn about ways and steps on How Do You Record A Debit Card Purchase In QuickBooks, it is important to know what a debit card actually is. A debit card is just like a credit card in which the payment is withdrawn directly from your card, except there are no interest charges and you cannot withdraw more money than in your account.

Now onto the main topic, i.e. Record Debit Card Purchase In QuickBooks. All the QuickBooks Debit Card transactions are recorded via the banking menu. However, there are two methods by which the transaction can be recorded. Let’s look at both methods one by one.

Method 1: QuickBooks Debit Card Transaction Recording Using Write Checks Tab

This method helps you record a debit card transaction using the check number to enter debit charges. Let’s go through the steps to Record Debit Card Purchase In QuickBooks using the write checks option.

  • Open QuickBooks on your system.
  • Go to the banking menu.
  • From the list of all options, go to the write checks tab.
  • Ensure that the print checks later option is deselected.
  • Now in the check number section, enter the debit card-related code.
QuickBooks Debit Card Transaction Recording Using Write Checks Tab
  • Provide details of the date on the purchase made.
  • Add recipient data and the total amount of the purchase.
  • In the memo section, type any additional amounts or charges of the purchase. 
  • Now make sure to unmark the to-be-printed checkbox. Skip this step if it is already unmarked.
  • Next, in the debit card section, add details of your debit card. In case of multiple QuickBooks Debit Card, add the details along with the bank name.
  • After entering the payee’s name, save the record.
  • Hit close after saving. 

Now this transaction will be recorded in the QuickBooks register. If you want to view the QuickBooks Debit Card transaction, follow these steps:

  • Open the lists drop-down menu in QuickBooks.
  • Go to the Chart of Accounts tab.
  • Click on the account name that you’ve added while entering the transaction to view the same.

Method 2: Record Debit Card Purchase In QuickBooks Using Cash Expenses

The next method justifies How Do You Record A Debit Card Purchase In QuickBooks with cash expenses option. Here listed are the steps to track QuickBooks Debit Card transactions via cash expenses, i.e method two:

  • Start by opening the banking menu.
  • Go to the cash expenses tab.
  • Under the cash account section, enter your bank account.
  • Enter your debit card-related code.
Record Debit Card Purchase In QuickBooks Using Cash Expenses
  • You’ll see a purchase from/pay to the order of option, hit it.
  • Enter vendor details after selecting the vendor from the list.
  • In case of a new vendor, tap on add new and add details.
  • Next, type the amount of purchase. Along with the date.
  • You can track the charges by adding the expense account under the account section.
  • Finally hit on save.

How Do You Track QuickBooks Debit Card purchases? (Offset Tendered Bills)

The bills that are still under investigation and have not been completed, go under offset tendered bills. You can track these bills for your merge vendors easily. Follow the steps below:

  • Open QuickBooks and go to the vendor’s section.
  • Under vendor, select the pay one vendor option.
  • After selecting the bank account under the payment account. The bank account should be the same one where the account is to be deducted.
  • Untick the to-be printed option. If it is already unmarked, skip it.
  • Add the debit card name or number under the check number tab.
  • Continue further by adding the amount of purchase and date.
  • Tap on the bill payment information option.
  • Select the bill that you paid via debit card.
  • Finally, hit save and close.

How Do You Record Refund Of QuickBooks Debit Card Purchases?

Sometimes there are situations when the payment does not go through and is canceled. Maybe there are issues in the deal and the deal is canceled. In such scenarios, you will get a refund of the money you already paid with a QuickBooks Debit Card. here’s how to can include them back into your books:

  • Open QuickBooks and in the left panel hit on the gear icon.
  • Go to vendors > bills > enter bills.
  • Select the credit option.
  • Now you’ll have to add the data of the seller.
  • Provide the date on which the refund took place along with details in the memo section.
  • Under the expenses section, add the same account you used for making QuickBooks Debit Card purchase.
  • The sales tax will be automatically calculated by QuickBooks.
  • Now add the entire refund amount but in negatives.
  • Immediately tap on recalculate. This will switch the entire credit amount to zero.
  • Finally, hit save and close.
  • You’ll be seeing the refund amount in deposits and other credits options.

Conclusion

QuickBooks Debit Card purchases can be recorded in two ways: using the cash expense option and through writing checks option. A debit card is the same as a credit card except you can only withdraw the amount available in your account, not more than that. Moreover, no interest is charged. We hope you have learned How Do You Record A Debit Card Purchase In QuickBooks.

In case of any doubts or queries come up, you can get in touch with our customer support team. We are a team of professionally trained and certified advisors specifically put together to solve clients’ queries. We’ll provide you with a good and permanent solution for any QuickBooks-related query as soon as possible. All you have to do is ping us and we’ll get back to you.

Frequently Asked Questions:

Q.1: Does QuickBooks accept debit cards?

A: Your customers can easily pay for their invoices online via a debit card, credit card, Venmo, PayPal, & ACH bank transfer

Q.2: How much does QuickBooks charge for debit card payments?

A: There is absolutely no interest or any charge deducted on debit card payments.

Q.3: How do I record purchases in QuickBooks?

  • Open QuickBooks > hit + icon.
  • Under vendors, go to bills.
  • Select enter bills.
  • Add all the information of the purchase.
  • Save and close to record the purchase.

Q.4: Are debit card transactions recorded?

A: Recording debit card transactions is a wise choice to keep a proper account of all your books. Debit card transactions are visible in the account statement of your business. 

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