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mesparza
Level 1

Classifying a CC payment

I created a credit  card account in the chart of accounts. When I receive a receipt from one of my employees I create an expense for it to put charge in the category and class it belongs in. When I go to reconcile the credit card account, I click on all the transactions on the statement and reconcile. It asks me if i would like to enter a bill for payment later or enter the payment now. When this screen pops up, the whole credit card bill is put to my credit card chart of account, but where do I classify the payment? The charges are classed to different departments already, so do I need to classify the payment? 

3 Comments 3
RenjolynC
QuickBooks Team

Classifying a CC payment

Hi mesparza,

 

If the transactions have the same information, you should be able to reconcile the credit card account without any prompt.  I would like to verify some information. Did you add the receipt in the Banking section of your QuickBooks Online? Can you provide us a screenshot of the page where you are getting the prompt? Please make sure to gray out any sensitive information for security purposes.

 

Thank you in advance for any details you can provide. 

mesparza
Level 1

Classifying a CC payment

Hi RenjolynC,

 

I add any CC receipts into the expense side and put it to the correct credit card account. When we receive our statement, I go into reconcile and all the charges are there. Once I hit finish now, it asks if I would like to enter a payment for the statement now or enter a bill to pay later. Once either of those screens pop up, it applies the payment to the credit card account, but I don't know if I should class the payment or if I do to what department. I don't know if the helps, but we use a cash basis method of accounting. I tried putting  a picture with this, but it won't seem to let me do that.

AlexV
QuickBooks Team

Classifying a CC payment

I'm here to ease your confusion, mesparza.

 

I replicated and reconciled one of my credit card account to see what you're referring with.

 

When we hit Finish now, there'll be pop-up saying that you've successfully reconciled it. You'll also see options to either pay a bill or enter a bill to pay later. These options have nothing to do with your current reconciliation. These are shortcuts if you have transactions to record for the next period. This means, when you click any of these and enter a transaction, it'll be part on your next reconciliation.recon 2.PNG

You don't have to click any of these if there's no transaction that needs to record. You can also simply do the usual process of creating or recording a payment, expense, or any transaction.

 

You'll want to watch our video tutorials. From there, you'll learn the basic functions and how QuickBooks Online works.

 

I'll be right here if you need anything else. Wishing you all the best!

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