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I have expenses that are paid automatically via credit card and I am a little confused with the proper way to enter the bills.
I have the credit card linked to quickbooks so I can categorize them as they come in. Is it recommended to enter the bill for the expense paid via credit card as well (concurrently with the imported transaction)? I'd also like to start recording the credit card bill when it arrives in a statement, but I am unsure of how quickbooks treats a credit card bill since the transactions within the credit card statement are already recorded.
For example:
Solved! Go to Solution.
Hello there, @MoscosoPayments.
We value the importance of recording expense transactions via credit card here in QuickBooks Online. It can be a little confusing but no worries, I'm here to help.
Yes, you are correct. It is all right to record a bill even though there's already an imported transaction because we can just match it.
For detailed steps, here's how:
This way, we can match both the bill you manually created, and the credit card expense transaction recorded.
Next, to record the credit card bill once it arrives in the statement, we can transfer it and then match it.
Here's how:
Additionally, I've provided some articles below that might help you moving forward:
Feel free to comment down below for more questions. We're here happy to help. Have a good day.
Hello there, @MoscosoPayments.
We value the importance of recording expense transactions via credit card here in QuickBooks Online. It can be a little confusing but no worries, I'm here to help.
Yes, you are correct. It is all right to record a bill even though there's already an imported transaction because we can just match it.
For detailed steps, here's how:
This way, we can match both the bill you manually created, and the credit card expense transaction recorded.
Next, to record the credit card bill once it arrives in the statement, we can transfer it and then match it.
Here's how:
Additionally, I've provided some articles below that might help you moving forward:
Feel free to comment down below for more questions. We're here happy to help. Have a good day.
Hello,
Thank you for the help, I was able to match the expense transaction on the credit card to the insurance bill.
Now that the credit card bill, how do I process a bill for the credit card? Do I put the payee as the credit card bill company and then the category as accounts payable?
Hello there, MoscosoPayments.
I'll be happy to guide you in processing a bill for the credit card company in QuickBooks Online (QBO).
You'll have to enter the name of the credit card company in the Vendor field and choose the appropriate expense account that corresponds to the type of expense incurred on the credit card in the Category field.
To do this, let me show you how:
By categorizing the bill under the appropriate expense account, the system will track the expenses and update your accounts payable accordingly.
For more details in recording expenses, see this article: Enter and manage expenses in QuickBooks Online. It also contains a video for your visual reference.
For future help, I'm attaching our Community link if you need assistance managing your expenses: Expenses and vendors.
I'm here to help if you have more questions about recording a bill or any QuickBooks concerns. Feel free to click the Reply button. Have a great day.
Hi Mirriam,
I am still a little confused with how to categorize the expense account for the credit card bill. We have expenses (ex. coffee shops) and then bills paid with the credit card. I believe the bills are applied to the accounts payable category. I want to enter a bill for the credit card, and pay down the amount on the credit card.
I am just worried that expenses will be double counted.
It can be challenging to categorize your expense account for the credit card bill, @MoscosoPayments. No worries, I'm here to share insight about the categories in QuickBooks Online.
Bills will automatically apply to the Accounts Payable in QBO. Since you already recorded and paid the bills through your credit card, it is unnecessary to break down the transaction as a separate expense and categorize it, thus avoiding the risk of duplication.
Moreover, you can only use and enter the category in the bill if you want to track it in your credit card payments. To do this, you can follow the steps provided by my colleague above.
On the other hand, for the insurance paid with your credit card, you can use insurance expense as its category. If you're uncertain about what category to use, you can consult your accountant to guide you.
Additionally, you can check this article to manage your credit card payments: Record your payments to credit cards in QuickBooks Online.
Don't hesitate to send a reply or visit the Community if you have other questions about expenses and bills paid with a credit card. We're here 24/7 to help. Have a nice day!
Hello,
I successfully made a bill for the credit card statement.
My steps so far:
I have two issues:
It's nice to hear from you again, Moscoso.
When you receive your monthly credit card statement, you can record it as bill in QBO. However, know that you cannot close a bill if there is still a credit transaction. Also, including the insurance amount during the billing process could result in double payment of the insurance bill. To avoid this, don't include the insurance amount so you can record only the remaining expenses from the credit card statement.
Moreover, if you receive an insurance receipt, it's easy to record its as a bill in QuickBooks. You can use the "Match" feature to connect the bill to the imported transaction for the insurance payment, which effectively links the transactions and the bill together. It will ensure that the transaction and the bill are connected and accounted for accurately.
It is necessary to verify that your autopayments are linked to the appropriate bill instead of your credit card. After completing this step, you can manually match any transactions on your American Express card that still have credit to the credit card balance.
For more extensive information on reconciling your account, you can refer to this article: Reconcile an account in QuickBooks Online.
If you have other questions regarding matching and linking your bills, don't hesitate to hit the reply button and leave a comment below. The Community space is always here to help you.
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