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How to record credit card payments in QuickBooks Online

QuickBooks Online (QBO) is a pivotal tool reshaping the financial management process for businesses. This cloud-based accounting solution goes beyond traditional methods, providing a sophisticated platform to navigate the intricacies of fiscal responsibilities. In this guide, we’ll get into the nitty-gritty of QuickBooks Online, helping you understand the ins and outs of bill payments. It doesn’t matter if you’re a seasoned entrepreneur or new at this; learning this tool can save you time and energy, allowing you to focus on what truly matters— growing your enterprise. The Profit and Loss Report will show a double income when duplicate entries are recorded.

  • If this expense is billable to a customer, click the Billable checkbox (d) and enter the name of the customer to be billed (e).
  • In this guide, we’ll get into the nitty-gritty of QuickBooks Online, helping you understand the ins and outs of bill payments.
  • Don’t hesitate to leave a message below if you have follow-up questions about your transaction.
  • Learn how to transfer credit card balances from employee cards to the parent credit card account if you are not using the location tracking feature in QuickBooks Online.
  • Since the original post, Intuit has added a feature to make the credit card management easier and less confusing.

After you’ve entered your beginning balance, click Save and Close. To get the expenses in there, set it up to get the bank feed for the credit card. When the transactions come in, make sure in Review you are getting the categories correct (set up Rules wherever it makes sense). When you make a purchase, you’ll want to enter a bill then use the Pay bill feature to mark the items paid. Then match it to the credit card transaction under bank feeds.

Method #1 – Record Payment for a Single Credit Card Account

It’s either through the Pay down credit card (main) option or writing a check (alternative) method. However, if the user’s credit card account is connected to bank feeds, you’ll have to record the payment by transferring the entry and then matching it with the new account. Most untrained users enter credit card payments to “Credit Card Expense” either using a vendor Bill or in the Banking transactions. This causes duplicate expenses and a mess in the credit card liability account.

Have you already been using other ways to record credit card payments? If you receive payments from your customers in the form of credit cards, you can use Quickbooks Online to set up automatic payments. You can also use Quickbooks Online to track when a payment is made and when it should be sent to your customer.

Choose the appropriate expense account that aligns with the purchase made using the credit card. This step ensures that the payment is correctly categorized in your financial reports. In addition to creating invoices and sending them to customers, you can have your customers complete a payment authorization form and store their bank or credit card information.

  • Create a spreadsheet (CSV or Excel) with columns for essential details like vendor name, bill date, due date, amount, and applicable categorizations.
  • When you make a purchase, you’ll want to enter a bill then use the Pay bill feature to mark the items paid.
  • If this is a recurring transaction — say, a rent payment — you can click on the “Create rule from this transaction” link (f) to open the rules screen.
  • If you have any other additional concerns regarding bills, please do add them below.

Once they click the “View Invoice,” they’ll be taken to the Online Invoice Portal — and this is where the magic of QuickBooks Credit Card Payments really happens. From the Online Invoice Portal, the customer can print, save the invoice as a PDF and pay it. If you need to see a history of transactions or change your QuickBooks Credit Card Payments settings, you can click the “Manage Account” button. I would not suggest letting QB enter an offset adjustment. All that does is create an entry to ‘Reconciliation Discrepancy’ and then you will need to resolve that at some point. Should you need further assistance tracking the payment in the program, please keep us posted in this thread.

QuickBooks Online allows you to record payments to your credit card in multiple ways so you can keep track of your expenses and maintain accurate financial reports. I initially had the payment to the credit card coming from a checking account that is tracked in QB. This was a $3400 charge on the CC with a $3400 payment to the CC from the personal account in Jan. When I rememberred that the transaction actually came from a personal account, I wasn’t sure what to do. Once you have entered all your credit card charges and payments, click the Reconcile button to reconcile your account.

How do I show a 3rd party cc processor (Square) payment as a credit for an invoice (or Pledge)?

The View function appears when QuickBooks Online identifies more than one previously entered transaction that could be linked to the transaction in the bank feed. To see the transactions, click the “View” link to expand the details. Bank feeds have also expedited the data entry process. With the desktop version, you may have to pay additional fees for cloud access and a fee for every user. You will have to back up data manually, and your third-party app integration capability tops out at around 200. You do have the capability to accept payments in the form of an e-check, a card, or an ACH transfer.

Small Business

If the credit card and the bank account you use to pay the credit card expense are connected (bank feeds), you can record the payment by transferring the record. QuickBooks is a popular software program that can be used to manage finances and track transactions. One of the features of QuickBooks is the ability to record credit card payments. This guide will show you how to do this in QuickBooks online. When you record a credit card payment for your business, you are keeping track of all your business financial expenses and maintain good report as well. Its importance can’t be overemphasized, and this article will help you with the steps you need to follow to achieve it.

The #1 mistake made by untrained users

And then paid the credit card bill by a credit card which means to create a fund transfer in that specific scenario. That’s why it would not need to create a credit card credit. When reconciling the credit card statement, I select “enter a bill for payment later” – this moves the credit card bill amount into Accounts Payable.

If you can’t decide which method to use, consult with your accountant or a QuickBooks ProAdvisor. They will be able to assess your business as a whole and advise you on which method will work best for your business. Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations.

Attach any relevant documents, such as receipts or invoices, to fortify your records. Please stay in touch if you have any other questions about entering your transactions in QuickBooks. Chris will select his checking account in the drop-down box showing where the transfer came from. FreshBooks is an awarding winning accounting software developed with excellent cloud accounting app. Suitable for small business and freelancer and a great customer support system to make your integration smooth and easy.

Once you are confident in the match, click the Match button. Once on the Receipts screen, you can upload receipts. If you’re using the QuickBooks Online app on your smartphone, you travel agency accounting can use the app to add photos of receipts, then access and add them to your books from this screen. When you are done editing the transaction, click the Save and Close button.