Credit card balances and Trial balance entries

Hi, @mlanclos.

Let’s work together and resolve the credit card balance not showing up in the register. You can set up your credit card account in QuickBooks Desktop. Connecting the account to QB keeps tracks of charges and payments that are made for an expense.

Here’s how to set up a credit card account:

1. Pick the Settings, then Chart of Accounts.
2. Choose Account, then click New.
3. Locate the Credit Card, then hit Continue.
4. On the Add New Account window:
5. Type the Credit Card Name. Note: If you are setting up a sub-account, you need to check the Subaccount of. From the drop-down, choose the parent credit card account. 
6. Select an option under When do you want to start tracking your finances from this account in QuickBooks?
7. Enter your account's balance.
8. Select Save Close.

Next, you’ll want to enter the credit card charges. This puts the amount you owe in the credit card in the Chart of Accounts.

1. From the Banking menu, go to the Enter Credit Card Charges.
2. Find the Credit Card drop-down, then choose the appropriate account.
3. Purchase/Charge should be automatically selected. If you want to record credit or refund you received through the credit card, select the Refund/Credit instead.
4. Pick the Purchased From drop-down and click the vendor.
5. Make sure the date is correct.
6. Go to Expenses or Items tab and enter the expenses/items you want to track.
7. Push Save and Close.

You may also record a business expense that was paid for by a partner or owner’s funds.

1. Go to the Company menu.
2. Click on Make General Journal Entries.
3. (Optional) In the Make General Journal Entries window, change the Date field.
4. The Entry No. should automatically populate
5. On the first line, specify the appropriate expense Account for the purchase.
6. Enter the amount of the purchase in the Debit column.
7. On the second line, in the Account column, enter the Owner's equity or Partner equity (if the account isn't listed, create the account).
8. In the Credit column, enter the amount of the purchase.
9. Select Save and close.

Once done, you can now record the reimbursement as a check/expense:

1. Go to Banking at the top menu bar.
2. Select Write Checks.
3. Fill in the necessary information and select the Bank/Credit account you are reimbursing from.
4. Choose Partner's Equity or Owner's Equity under the Account column.
5. Enter the amount of the reimbursement.
6. Pick Save and close.

Trial Balance reports from a 3rd party software can be imported into QBDT.

Let me guide you on how to import that data:

1. Go to File menu > Utilities > Import > Excel Files.
2. If you get the Add/Edit Multiple List Entries window, click No.
3. Follow the wizard in importing files. Select the type of data. QuickBooks opens a formatted excel spreadsheet.

For additional information about setting up, using, and paying credit card accounts following the link below:

https://quickbooks.intuit.com/learn-support/en-us/chart-of-accounts/set-up-use-and-pay-credit-card-a...

Here are a couple of articles about the personal and business expense:

https://quickbooks.intuit.com/learn-support/en-ca/expenses-suppliers/pay-for-business-expenses-with-...

https://quickbooks.intuit.com/learn-support/en-ca/expenses-suppliers/pay-for-personal-expenses-from-...

Should you have other questions, let me know. I’m happy to help.

There is a large balance on these credit cards being that we have only been paying the minimum amount due each month for the past few years. Do I need to go back and enter all of the vendor charges from years back?

Thank you!  I was told I need to enter the trial balance in a journal entry.  Can you help me with that?

I need to enter the trial balance as a journal entry.  Can you help me with that as well please?

I can help you with entering a journal entry, Mlanclos.

Just follow these steps:

1. Click the Company menu.
2. Go to Make General Journal Entries.
3. Fill in the necessary fields.
4. Click Save & Close.

As always, I suggest conferring with your accountant with the categorization of the trial balance accounts.

I'll add the article about creating a journal entry in QuickBooks Desktop for more details. 

Tap me if you have more questions. I'll get back to you as soon as I can.