Learn how to record your credit card payments in QuickBooks Online.
QuickBooks Online allows you to record credit card payments in multiple ways so you can keep track of your expenses and maintain accurate financial reports. In this article, we'll show you how.
Write a cheque
If you received the payment through cheque, you can write a cheque to record a credit card payment.
- Select New ⨁.
- Under Suppliers, select Cheques.
- In the Payee field, enter the name of the credit card (Supplier's name).
- In the Bank Account field, select the bank account or credit card from which the payment will be made.
- In the Check no. field, enter the cheque number, or If paid electronically, type the EFT.
- Select Save and Close.
Create a transfer
Record a credit card payment through a bank transfer.
- Select New ⨁.
- Under Other, select Transfer.
- From the Transfer Funds From ▼ drop-down menu, select the bank account the credit card was paid from.
- From the Transfer Funds To ▼ drop-down menu, select the credit card that the payment went to.
- In the Transfer Amount field, enter the amount of the payment.
- (Optional) Edit the date.
- Select Save and close.
Make a payment after reconciling your credit card
Step 1: Reconcile your credit card transactions
- Go to Settings ⚙️, then select Reconcile.
- Select the credit card account.
- Fill out the Reconcile details.
- Enter any missing transactions from the statement and adjust any incorrect transactions, if there are any.
- Once the difference is zero, select Start reconciling.
- In the Reconcile screen, select the checkbox next to the transactions that match the transactions on your statement to mark it as cleared.
- Select Finish now, then select Done.
Step 2: Pay your credit card transactions
Choose how you want to pay your bills:
- Pay all or a portion of the bill now: Pay in full or make a partial payment.
- Enter a invoice to pay later: Moves the balance in the credit card account to Accounts Payable so you can pay it later.
- Done: If you don't want to record credit card balance payments or bills when reconciling.
|Businesses using Cash Basis, bill, and bill payments for credit cards may show as unapplied cash on the Profit and Loss report.|