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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.
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 A debit card is just like a credit card in which the payment is withdrawn directly from your card, except there are no interest charges and you cannot withdraw more money than in your account.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.
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.
Now this transaction will be recorded in the QuickBooks register. If you want to view the QuickBooks Debit Card transaction, follow these steps:
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:
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:
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:
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.
A: Your customers can easily pay for their invoices online via a debit card, credit card, Venmo, PayPal, & ACH bank transfer
A: There is absolutely no interest or any charge deducted on debit card payments.
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.