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LWAY1
Level 3

Credit Card Payment Register

I learned the hard way to not enter credit card bills as bills.  I thought my multiple calls to QB resolved the issue but I just saw that there is an issue in the Credit Card Register in my chart of accounts.  Here is what happened:


Entered Amex bill $42,022.46
 Then 7 returns occurred totaling $1642.27 before due date
Owner entered 3 transfers as payments totaling $40,380.19
 
The 7 transactions totaling $1642.27 ended up being entered as both vendor credits & credit card credits.  It's been awhile since all this happened but it seems like we had to do that in order for the bill to appear as being paid in full but also to keep the Amex to balance for reconciliation.  But seeing this now seems like I need to not have the duplicate entries.  Afraid to delete either set though for fear of throwing everything off again!  What to do?
 
1 Comment 1
Nick_M
QuickBooks Team

Credit Card Payment Register

Hi there, LWAY1.

 

I'm happy to provide some feedback on this. Below I'm including the steps on how to record payments, as far as the duplicates/inaccurate entries. I would suggest reaching out to an accountant as they have the ability to work directly with you on your account and determine the best way set up payments moving forward. Follow along below:

 

Pay down a credit card:

 

This is the main way to record your credit card payments in QuickBooks.

  1. Select + New.
  2. Under Money Out (if you’re in Business view), or Other (if you’re in Accountant view), select Pay down credit card.
  3. Select the credit card you made the payment to.
  4. Enter the payment amount.
  5. Enter the date of the payment.
  6. Select the bank account you paid the credit card with.
  7. 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, or if you paid electronically, enter the EFT number.
  8. If you want to add notes or file attachments, select Memo and attachments and follow the instructions on the screen.
  9. Select Save and Close.

Alternative methods:

 

Have you already been using other ways to record credit card payments? You can keep using them if you prefer.

Write a check: If you made a credit card payment using a check, you can record it in QuickBooks by creating a check.

 

  1. Select + New.
  2. Under Vendors, select Check.
  3. In the Payee field, select the (Vendors name) for the credit card payment.
  4. In the Bank Account field, select the bank account or credit card from which the payment will be made.
  5. Enter a Mailing address and select a Payment date.
  6. In the Check no. field, enter the check number, or If paid electronically, type the EFT.
  7. Uncheck Print Later if the check was already issued.
  8. Enter the Category details and a payment amount.
  9. Enter a description and an amount.
  10. Enter notes under Memo.
  11. Select Save and Close.

 

 

Create a transfer: Record a credit card payment through a bank transfer.

  1. Select + New.
  2. Under Other, select Transfer.
  3. From the Transfer Funds From ▼ drop-down menu, select the bank account the credit card was paid from.
  4. From the Transfer Funds To ▼ drop-down menu, select the credit card that the payment went to.
  5. In the Transfer Amount field, enter the amount of the payment.
  6. (Optional) Edit the date.
  7. Enter notes under Memo.
  8. Select Save and close.

Make a payment after reconciling your credit card:

 

Step 1: Reconcile your credit card transactions:

  1. Go to Settings ⚙️, then select Reconcile.
  2. If it's your first time, select Get started and Let's do it.
  3. Select the credit card account.
  4. Enter any missing transactions from the statement and adjust any incorrect transactions, if there are any.
  5. Once the difference is zero, select Start reconciling.
  6. In the Reconcile screen, select the checkbox next to the transactions that match the transactions on your statement to mark it as cleared.
  7. Select Finish now, then select Done.

 

Step 2: Pay your credit card transactions:

 

Choose how you want to pay your bills:

  • Pay all or a portion of the bill now: Pay in full or make a partial payment.
  • Enter a bill to pay later: Moves the balance in the credit card account to Accounts Payable so you can pay it later.
  • Done: If you don't want to record credit card balance payments or bills when reconciling.

You can find these steps and additional steps at the following link. If you have any other questions, feel free to post here anytime. Thank you and have a nice afternoon. 

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