Credit card charges

MANOOJANOO786 · ‎April 13, 2023

My accountant is out of the country. I need to add credit card charges from credit card statement to Quick Books. Can I go to the Chart of Accounts, find the credit card number and then enter the charges? Please advise in detail

Bryan_M · ‎April 13, 2023

I appreciate you for taking up the responsibility while your accountant is out of the country, @MANOOJANOO786.

To record your credit card charges in your credit card statement, we need to set up a credit card account where you'll put the credit card charges.

And if you haven't set up your credit card accounts, let me guide you on how to perform it. Here's how:

From the Company menu, select Chart of Accounts.
Select Account or the plus + icon, then New.
Select Credit Card, then select Continue.
On the Add New Account window, enter the credit card name. If you're setting up a sub-account, select the Subaccount of the checkbox, then select the parent account from the dropdown ▼.
Select Enter Opening Balance. Then enter the account balance and date.
Select Save & Close.

After that, let's add your credit card charges to the credit card account or statement we set up. You can follow the steps below.

On the Banking menu, select Enter Credit Card Charges.
Select the credit card account from the Credit Card ▼ dropdown.
Purchase/Charge is the default. If you want to record a credit or refund you received through the credit card, select Refund/Credit instead.
Select the vendor from the Purchased From ▼ dropdown.
Select the date.
(Optional) Enter a memo explaining the charge or refund.
Select the Expenses or Items tab and enter the expenses/items you want to track.
Select Save & Close.

Feel free to read this article for more details: Set up, use, and pay credit card accounts.

If you want to view your financial reports and provide perspectives on how your business is doing, you can read this article: Customize company and financial reports.

Click the Reply button below if you have additional questions about credit card charges. I'll be happy to help you. Take care.

View solution in original post

Bryan_M · ‎April 13, 2023

I appreciate you for taking up the responsibility while your accountant is out of the country, @MANOOJANOO786.

To record your credit card charges in your credit card statement, we need to set up a credit card account where you'll put the credit card charges.

And if you haven't set up your credit card accounts, let me guide you on how to perform it. Here's how:

From the Company menu, select Chart of Accounts.
Select Account or the plus + icon, then New.
Select Credit Card, then select Continue.
On the Add New Account window, enter the credit card name. If you're setting up a sub-account, select the Subaccount of the checkbox, then select the parent account from the dropdown ▼.
Select Enter Opening Balance. Then enter the account balance and date.
Select Save & Close.

After that, let's add your credit card charges to the credit card account or statement we set up. You can follow the steps below.

On the Banking menu, select Enter Credit Card Charges.
Select the credit card account from the Credit Card ▼ dropdown.
Purchase/Charge is the default. If you want to record a credit or refund you received through the credit card, select Refund/Credit instead.
Select the vendor from the Purchased From ▼ dropdown.
Select the date.
(Optional) Enter a memo explaining the charge or refund.
Select the Expenses or Items tab and enter the expenses/items you want to track.
Select Save & Close.

Feel free to read this article for more details: Set up, use, and pay credit card accounts.

If you want to view your financial reports and provide perspectives on how your business is doing, you can read this article: Customize company and financial reports.

Click the Reply button below if you have additional questions about credit card charges. I'll be happy to help you. Take care.

MANOOJANOO786 · ‎April 15, 2023

Thank you so very much, Mr. Brian, for your assistance. The information you have provided helps tremendously.

I have one more question. Our previous accountant, who is not employed anymore, messed up our bank statements. We have reconciled everything, and all the transactions match our information. However, we had to pass one entry for $-50,000.00 to reconcile this account. This transaction shows in the Bank Deposit Column. If I click on the deposit, my balance will go negative.

Can you kindly explain in detail, step by step, to reconcile this discrepancy? I have attached a picture of the transaction for your review and records.

If you have any questions, please get in touch with me at [removed] Ext: 349. You may also reach me on my cell phone number at [removed].

Thank you for your business and cooperation.

Sincerely,

M.R. "Gaz" Gaziani

SarahannC · ‎April 15, 2023

I'm joining this thread to provide additional help, Mr. Gazaini.

It's nice to hear that my colleague was able to help and provide the details you need. I see how important to keep your account accurate.

When reconciling an account, we only have to match them in your bank statement. Since everything looks good, most likely, we have to delete the entry that causes a negative balance.

Before doing so, make sure to follow the recommendation below to verify the entry for $-50,000.00.

Create a backup copy of your company file.
If you have reconciled this account before, run a Reconciliation Discrepancy report. Any transactions that have changed since your last reconciliation are shown in this report.
If this is your first to reconcile this account, run the Transaction Detail report. This report determines if any transactions changed.

Once verified, please consult an accountant for further guidance about deleting this entry. They are the ones who can tell you the best way to handle this entry without messing up your book. They can perform reconciliation adjustments if needed.

Just in case the entry is part of your previous reconciliation, you can do a special reconciliation.

Here are some articles that helps you examine your accounts in QuickBooks:

Please know that you can visit again and ask for more help with reconciliating accounts within your company file. We're all right here to help. Stay safe.

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