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olectricaz
Level 2

Need help setting up a prepay Visa Card in QuickBooks to track debits and credits against it.

We use 2 different reloadable prepay Visa Cards in the field for expenses as needed. We reload the cards from our bank checking account when the balance drops to a certain level. I receive the reloaded amounts in the bank feed as well as the receipts from our employees when they use the cards in the field. I need help with setting these up in the COA as well as any help with existing expenses on these cards regarding GL journal entries. Thanks!

2 Comments 2
MariaSoledadG
QuickBooks Team

Need help setting up a prepay Visa Card in QuickBooks to track debits and credits against it.

Let me help you set up a prepaid Visa Card, Olec.

 

In QuickBooks Online (QBO), you can add more accounts anytime if you need to track other types of transactions. You can create two unique reloadable prepaid Visa Card accounts in your chart of accounts. To do so, follow the steps provided below:

 

  1. Go to the Gear icon ⚙ and select Chart of accounts.
  2. Click New. Depending on your account view, you’ll either see a panel labeled New account or New category. Select the option you see below for the next step.

 

To create a new account in the New account panel:

 

  1. Select the Save account under  dropdown to choose an account type. To narrow the scope of account types, you can select one of the account type buttons above the dropdown.
    Note: Subaccounts appear indented in this dropdown menu, while parent accounts aren't. Learn more about parent accounts and subaccounts.
  2. In the Tax form section  dropdown, select the detail type that best fits the transactions you want to track. Learn more about detail types.
  3. Enter a name in the Account name field. Tip: Use the detail type description to create a name that describes what you're tracking.
  4. Optionally, enter a description in the Description field.
  5. If you choose a Bank, Asset, Credit card, Liabilities, or Equity account, make sure your account in QuickBooks matches your actual bank or credit card account. In the Starting date and opening balance section, use the dropdown to choose a date to start tracking this account in QuickBooks.
  6. Enter an opening balance in the Account balance field.
  7. When you're done, select Save.

 

To give you the steps on how to create a new account in the New category panel or add an account in the business view setup, check out this article for detailed steps: Add An Account To Your Chart Of Accounts In QuickBooks Online.

 

On the other hand, regarding how you can track these accounts in General Journal Entries, I suggest reaching out to your accountant to guide you on how you're supposed to track debits and credits in a General Journal Entry. They are more knowledgeable when it comes to the accounting process and handling the financial statements of clients.

 

Apart from this, QuickBooks provides different reports that show information from your chart of accounts. You'll have to make sure to customize them so you'll get the data you need most. Go through this article for more details: Customize Reports In QuickBooks Online.

 

Let me know if you need further assistance with creating accounts. I'll be one post away if you need help.

olectricaz
Level 2

Need help setting up a prepay Visa Card in QuickBooks to track debits and credits against it.

Thank you. I consulted our accountant and now have an answer that will work for us. 

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