Recording a credit card payment helps you keep track of your expenses and maintain accurate financial reports. In this article you will learn various ways to record credit card payments in QuickBooks Online.
Write a check
You can write a check to record a credit card payment:
Select the Create ⨁ icon.
Under Vendors , select Check.
In the Bank Account field, choose the bank account from which the payment is made.
Uncheck Print Later if the check was already issued, enter the check number in the Check field. If paid electronically, type EFT in that field.
In the Choose a payee field, enter the name of the credit card (Vendor Name).
Enter the amount of the payment.
In the Account field, select the credit card.
Select Save and send.
Create a transfer
You can create a transfer to record a credit card payment:
Select the Create ⨁ icon.
Under Other, select Transfer.
From the Transfer Funds From drop-down, choose the bank account the credit card was paid from.
From the Transfer Funds To drop-down, select the credit card that the payment went to.
In the Transfer Amount box, enter the amount of the payment.
(Optional) Edit the date.
Make a payment after reconciling your credit card
Here's how to make a payment after reconciling your card:
Go to Settings ⚙ and select Chart of Accounts.
Under Tools, select Reconcile.
Choose the credit card account.
Fill out the Reconcile an account window.
In the Reconcile screen, select the checkbox next to the transactions that match the transactions on your statement to mark it as cleared.
Enter any missing transactions from the statement and adjust any incorrect transactions, if there are any.
Once the difference is zero, choose Finished.
Decide how you want to pay the credit card.
Pay all or a portion of the bill now — takes you to the Check screen with full amount listed. For partial payments, enter the amount that you actually paid.
Enter a bill to pay later — takes you to the Bills screen with full amount listed. For partial payment, change the amount to what you intend to pay. If you're unsure, you can leave the full amount and edit later to reflect the actual amount paid. This option moves the balance in the credit card account to Accounts Payable.
Done—If users don't want to record credit card balance payment or bill when reconciling (or if they did it beforehand already), they can select Done.
Note: For businesses using Cash Basis, bill and bill payments for credit cards may show as unapplied cash on the Profit and Loss report.
Use banking download
If the account you pay the credit card bill from and the credit card are both connected, the easiest way to add the transaction is to transfer from one of the accounts and then match the transaction from the other account.
Go to the Banking menu and select Banking.
Select one of your bank accounts beside Bank and Credit Cards.
Select the credit card transaction.
Change the radio button from Add to Transfer.
In the Account drop-down, choose the other account. For instance, if you're editing the transfer on the credit card account, choose the account where the payment came from.
Choose the credit card account to view the transaction details for that account.
Select the Recognized tab and locate the transaction. Once done, you should see a green match icon.
Choose Match in the action column.
Now you know various ways you can record credit card payments.