Hi All, I'm a new user and am still in the process of setting QB up. I've added my accounts and have come up against a roadblock. If I pay a credit card each month and some of those charge are the accounts I've set up, for instance my utility bill gets charged to my CC, and I pay for gas with a cc, but also want to know what my expenses are for gas, how do I track that? Do I have to go through the credit card stmt and enter each and every charge?
I know I can download the check register and credit card charges from my bank into the register in QB, but don't exactly know to apply the individual charges from the credit card total or if it's a seperate issue.
Also, same for lumped payments to another bank account for several different expenses. This is similar to the credit card question, I pay/move money each month to another account for annual expenses like car ins, homeowners ins, etc. I move a lump sum each month, but it goes toward several of the accounts set up in QB. How do I track that in QB?
Let me help you in recording credit card payments, Einrocklin.
I suggest creating an expense transaction through creating a check in QuickBooks Desktop to every payment you've made. You can create a separate expense account to every type of payment for easier tracking. For instance, we can create an expense account for gas and another one for utility bills. Please follow the steps in this article on how to create a new account. Then, here's how to create an expense transaction:
From the Banking menu, select Write Checks.
On the Bank Account drop-down, select the account you used in paying it.
Go to the Expenses tab. On the Account column, select the expense account you've created.
Enter the amount and select Save & Close.
When you download your bank transactions, you can simply match them. Also, you can make use of the Transfer Funds if you already added all your accounts in QuickBooks Desktop. That way, you record the money you send to another account for annual expenses. From Banking, just select Transfer Funds.
It'd also be best to reach out to your accountant for some advice on how to record these payments.
Comment below if you have more questions. Have a great day!