QB Enterprise Credit Cards

Deadwood Al · ‎May 30, 2024

We have approx 10 people with credit cards, and I have been searching the help screens to find some training documentation for using Credit Card (a liability section in the GL), but the vast majority of the subjects are for Online, and most of the rest have to do with accepting credit card payments from customers. I am NOT looking at the AR side of credit cards ... I'm trying to find info on accounting for the credit card purchases by our employees as a liability account. I would appreciate links to training or info on using QB Credit Card processing. I bought the 2024 QuickBooks for Dummies book and all it has is a scant mention of credit cards. I'd really appreciate any info pointing me to some guides for using the credit card processing.

For example: Should I be creating a separate GL number for each person who has a credit card so all charges on their card is kept separately? The bank automatically drafts our bank account to pay all the credit card balances.

OR should I have one major credit card account and sub-accounts for each of the card holders to provide the detail level in the sub-level and the major account would reflect the combined card liability?

There's a lot of discussion on "bank feeds" related to credit cards ... what's the advantage on this? Is it required? Help!!

Thanks.

MJoy_D · ‎May 30, 2024

I can share some information about recording employees' credit card purchases in your QuickBooks Desktop account, @Deadwood Al.

Creating separate GL numbers for each employee can provide individual tracking while using subaccounts under a major or parent credit card account can offer a combined view with detailed sub-level information.

If these credit card accounts are under your company, consider creating a parent or major account, then add your employee's credit card accounts as subaccounts. If not, or issued individually, consider adding these accounts separately. Once done, record purchases or expenses as you normally would. Refer to this article for more information about setting up, using, and paying credit card accounts in QuickBooks Desktop: Set up, use, and pay credit card accounts.

As for bank feeds related to credit cards, the advantage is that they can automate the process of downloading credit card transactions into QuickBooks, saving time and reducing manual data entry. While it's not required, it can help you make the entire process easier. Check out this article for more information about setting up account numbers, accounts, and subaccounts: Add, edit, or delete accounts in QuickBooks Desktop.

If you have accounts connected to online banking, you can review the resources to manage your transactions:

Please don't hesitate to post in this thread if you have any other questions or need further assistance tracking your credit card transactions in QuickBooks. We're here to answer them. Have a good one!

View solution in original post

MJoy_D · ‎May 30, 2024

I can share some information about recording employees' credit card purchases in your QuickBooks Desktop account, @Deadwood Al.

Creating separate GL numbers for each employee can provide individual tracking while using subaccounts under a major or parent credit card account can offer a combined view with detailed sub-level information.

If these credit card accounts are under your company, consider creating a parent or major account, then add your employee's credit card accounts as subaccounts. If not, or issued individually, consider adding these accounts separately. Once done, record purchases or expenses as you normally would. Refer to this article for more information about setting up, using, and paying credit card accounts in QuickBooks Desktop: Set up, use, and pay credit card accounts.

As for bank feeds related to credit cards, the advantage is that they can automate the process of downloading credit card transactions into QuickBooks, saving time and reducing manual data entry. While it's not required, it can help you make the entire process easier. Check out this article for more information about setting up account numbers, accounts, and subaccounts: Add, edit, or delete accounts in QuickBooks Desktop.

If you have accounts connected to online banking, you can review the resources to manage your transactions:

Please don't hesitate to post in this thread if you have any other questions or need further assistance tracking your credit card transactions in QuickBooks. We're here to answer them. Have a good one!

Deadwood Al · ‎May 31, 2024

Thank you. Lots to read & digest. I'll get back if I had more questions. Thank you so much for giving me directions on finding the right documentation.

Maybelle_S · ‎May 31, 2024

Hello, Deadwood Al.

Thank you for getting back in this thread and verifying that my colleague's suggestions above worked for you. It's our goal to help you get the most out of QuickBooks.

We're glad to help you with any issue relating to QuickBooks. If there's more, add them below. Have a great day!

Deadwood Al · ‎June 03, 2024

I tried several times to send additional questions, but kept getting "Authorization Failed". This is a test to see if it works today. Is there a limit to how many responses can exist, or how long a question can be?

Deadwood Al · ‎June 03, 2024

It looked like it worked, so ...

#1 - Prior to me being here, they had 1 credit card GL account, but never really used it. There are zero transactions in it. I am curious if I can start making sub-accounts underneath that one without any problems. Any issues changing from one download (all cards downloaded into one account) to where each card downloads into a related sub-account?

#2 - Apparently there are nearly 1000 transactions from 2023 downloaded into the "limbo" area not yet posted to GL accounts. These are the "downloads into one account". The credit card liabilities were automatically pulled from the bank account monthly. My question is: I can download transactions for 18 months, so I need to decide real soon ... should I delete all these and download into the sub-accounts and then work on the allocations, or should I just try to allocate these as they are and do the sub-accounts going forward?

Thanks in advance for any suggestions.

IrizA · ‎June 03, 2024

Thanks for getting back to this thread, Deadwood Al.

Posting your questions or insights here in the Community forum doesn't have certain limitations. Please know that whatever questions you may have, we're always here to meet your needs and provide further assistance whenever you need it.

In QuickBooks Desktop, you can create a sub-account under the credit card General Ledger according to your need. Please know that deleting your transactions is not recommended.

Before deciding to delete your transactions, it's best to contact your accountant and discuss this matter with them for more accurate results. On the other hand, it's still best not to delete your transactions and kindly allocate them to their proper categories and subaccounts.

If you're not sure about what to do next regarding what kind of account should be best for your transaction, feel free to contact your accountant since they know what's best for your business and your data.

Furthermore, you can also get a previous reconciliation report to review your past reconciliations and customize them according to your preferences.

The comment section is always open for any inquiries you've got. Feel free to keep us notified.

Deadwood Al · ‎June 13, 2024

Once I create a number of sub-accounts for individual credit cards, do I then need to run a transaction download from the bank unique to each sub-account, or just one bank transaction download and the system / bank will sort and record the transactions into the appropirate sub-accounts automatically? Or is this dependent on the bank process and has nothing to do with QuickBooks? If the bank controls this, does anyone have experience with First Interstate Bank and their rules for downloading transactions?

MelroseV · ‎June 13, 2024

Thank you for the prompt response, @Deadwood Al.

In QuickBooks Desktop (QBDT), when your bank is connected it will automatically download your transactions.

When categorizing your sub-account in QBDT, it depends on your bank. They may either send or post your transaction to the main account or individual accounts.

If transactions are sent to the main account, simply connect your parent account and transactions will be downloaded automatically. Also, if your bank sends the transaction to an individual account, you can connect the sub-account, not the parent's account, and then it'll automatically download the transaction.

Additionally, when the time you reconcile your accounts, you can reconcile the main account since all of your transactions in the sub-account will roll up in the parent account.

Moreover, while waiting for other users to share their experience, you can reach out to First Interstate Bank to verify how they send your transactions.

Furthermore, I'm adding this article for you to see the detailed instructions on fixing your bank account after reconciling it: Fix issues when you're reconciling in QuickBooks Desktop

Should you have additional concerns regarding your sub-accounts in QBDT, please post them here in the Community space. Stay safe!

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QB Enterprise Credit Cards