How to record credit card transactions in QB Online

Involute1344 · ‎November 28, 2023

I'm setting up Quickbooks Online as a newb, though I've used Quickbooks Desktop lightly for years. I noticed that, in the For Review table under Bank Transactions (I've linked my checking and credit card accounts), several of my upcoming individual credit card charges are listed for confirmation. Also listed, however, is the total for the month ($1,418.10 in the image below), which is scheduled for payment in a few days.

On the Desktop, I had so few transactions I'd enter them manually, reconcile, then QB would offer to print a check for the total (which I'd switch to an electronic funds transfer transaction). Online, I'm not sure how to categorize the total.

Intuit kindly provided 45 minutes of live phone support to get me started, but that person didn't know either, so she passed me on to an expert. The expert said I need to set the total up as a split and then manually re-enter each transaction. I explained that, while I was the newb, I just couldn't believe that that's what tens of thousands of QB Online users did each month, many with dozens or hundreds of credit card charges. She agreed, but couldn't offer any other solution.

What's the real answer?

ReymondO · ‎November 28, 2023

Hello, @Involute1344. Thank you for sharing your concern in the QuickBooks Community and for including a screenshot.

I'm here to assist you with recording your credit charges in QuickBooks Online (QBO).

The way to categorize downloaded transactions depends on whether you manually recorded the transaction in QuickBooks or not. If you manually entered the credit card charges inside QuickBooks, then you can match them with the downloaded.

If you haven't created them yet, you can simply use the Split feature to split the transaction between multiple categories and make your task easier. Here's how:

In the For Review tab, select the downloaded transaction to expand the view.
Click the Categorize button and select Split (Accountant view) or Split transaction next to Category (Business view).
In the Split transaction window, choose the categories you want to split the transaction into from Category drop-down list.
Enter an Amount for each split.
Select a Vendor or Customer name for each split.
When you're done, click Apply and accept.

For additional reference, you can check out this article: How to review downloaded bank and credit card transactions.

Please let me know if you have further questions about recording downloaded credit card charges in QuickBooks. I'd be happy to help.

View solution in original post

ReymondO · ‎November 28, 2023

Hello, @Involute1344. Thank you for sharing your concern in the QuickBooks Community and for including a screenshot.

I'm here to assist you with recording your credit charges in QuickBooks Online (QBO).

The way to categorize downloaded transactions depends on whether you manually recorded the transaction in QuickBooks or not. If you manually entered the credit card charges inside QuickBooks, then you can match them with the downloaded.

If you haven't created them yet, you can simply use the Split feature to split the transaction between multiple categories and make your task easier. Here's how:

In the For Review tab, select the downloaded transaction to expand the view.
Click the Categorize button and select Split (Accountant view) or Split transaction next to Category (Business view).
In the Split transaction window, choose the categories you want to split the transaction into from Category drop-down list.
Enter an Amount for each split.
Select a Vendor or Customer name for each split.
When you're done, click Apply and accept.

For additional reference, you can check out this article: How to review downloaded bank and credit card transactions.

Please let me know if you have further questions about recording downloaded credit card charges in QuickBooks. I'd be happy to help.

Involute1344 · ‎November 28, 2023

Thanks.

Erika_K · ‎November 28, 2023

Thank you for taking the time to post here in Community space, @Involute1344.

I'm glad to hear that the instructions provided by my colleague ReymondO have helped you to record credit card transactions.

Here in the Community forum, we always ensure to address and provide accurate solutions to every customer's concern.

Let me know if you have additional concerns, and I'll get back to you as soon as I can. Have a good one!

ProfileByDesign

Hello,

I am doing the data entry for the first time for a company and doing all of the entries for the first quarter of 2024. The confusing part is the credit card goes from December 10, 2023 - January 9, 2024. Their was a payment made at the end of December 2023. There are new charges on this statement from both in December and January. How do I reconcile this credit card?

ChristineJoieR

Welcome to the Community page, ProfileByDesign. Reconciling a credit card statement in QuickBooks Online (QBO) can be a bit tricky when it spans across months, especially when there are transactions from both December and January. Let me share additional information about this topic.

If the transaction needs to be inputted, you can manually input credit card payments or charges for December 2023 as expense transactions in QBO. By doing this, you'll ensure that the data is accurately reflected in the system without directly impacting the first-quarter 2024 file.

Here's how to record an expense:

Select + New. Then select Expense.
Enter details in the Payee field, select the vendor.
Choose the account you used to pay for the expense in the Payment Account field
Enter the date for the expense in the Payment date field
In the Payment method field, select how you paid for the expense.
Pick a Category details section, enter the expense info.
Enter the Amount and Tax.
When you're done, select Save and Close.

This approach ensures your books remain accurate and up-to-date, even when dealing with statements that don't align perfectly with calendar months.

Additionally, I've included these articles to ensure you'll reconcile your account successfully:

I'd want to guarantee that you're all set, so please let me know how it goes or if there's anything else that you need. I'll be around to help you out. Have a good one.

Topics

Training

Community

Resources

How to record credit card transactions in QB Online