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Arbooks1
Level 1

Setting up a Secured Credit Card and Entries

I recently been approved for a SECURED credit card for solely business expenses.

 

What are the steps necessary to take in order to set this up in QBO?

How to record deposits to fund credit card, credit card use, and credit card payment?

3 Comments 3
JessT
Moderator

Setting up a Secured Credit Card and Entries

Congratulations on your secured credit card approval, Arbooks1!

 

Deposits to the said card can be recorded as a credit card payment, such as a credit card credit or a check transaction. You can also add your downloaded payment transaction or add one when you reconcile. Here is an article with detailed steps for all these methods: Record your payments to credit cards in QuickBooks Online.

 

On the other hand, if you want to see some references for QBO, you can visit the main support page, scroll down a bit, and click More topics.

 

Let me know if you need more help with your upfront deposits to your card. Have a good one!

gabakusa
Level 1

Setting up a Secured Credit Card and Entries

where I add in quickbooks the $10,000 that the bank took from me as a guarantee of a secured credit card?
jenop2
QuickBooks Team

Setting up a Secured Credit Card and Entries

Thanks for checking this out in the Community, gabakusa.

 

You can record the deposit as a credit card payment. QBO also provides three options on how you can record this type of transactions. I'd be glad to share all the steps with you. 

 

First, use the Pay down a credit card feature. Here's how:

 

  1. Click the + New button and select Pay down credit card.
  2. Select the credit card you made the payment to.
  3. Enter all the details such as the payment date and amount.
  4. Select the bank account you paid the credit card with.
  5. If you made a payment with a check, select I made a payment with a check. In the Check no. field, enter the check number. If you paid electronically, enter the EFT number.
  6. Click Save and Close.

 

 

Second, you can record it using the write check option. Let me show you how:

 

  1. Go back to the + New button and select Check.
  2. Enter all details relating to the payment.
  3. Select Save and Close.

 

 

Lastly, you can categorize the transaction as an expense if your bank is connected via online banking. Here's how:

 

  1. Go to the Transactions or Banking menu, select Transactions, and then click Bank transactions.
  2. Look for the account that the transaction is being transferred from.
  3. Choose the transaction, then select the Record as credit card payment radio button.
  4. Select the Transfer account ▼ dropdown menu and select the account you want to send the transaction to.
  5. Click Confirm.

 

 

You can also read more details about this processes here: Record Your Payments to Credit Cards in QuickBooks Online.


Let me also share these articles for more information and additional guidance as well: 

 

 

Let me know if you have other questions when managing your credit card transactions. We'll make sure to answer them for you. 

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