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HodgsonASLC
June 22, 2022
Question

Best way to track company credit cards in Quickbooks Online

  • June 22, 2022
  • 1 reply
  • 0 views

The company I work for has recently gotten credit cards with our bank, each with its own credit amount. We wondered what the best way to track those purchases made on the cards is since they are a liability but it doesn't appear on the bank statement like it would with a debit card.

Currently, we have a voucher system in which someone fills out a voucher when they make a purchase. I enter that voucher into QB and then compare the reconciliation to the bank statement.

Anything else that needs clarification I can answer. I'm just hitting a brick wall with my thoughts.

1 reply

Adrian_A
Adrian_A
June 22, 2022

Hello there, HodgsonASLC.

 

I've got you covered on how to record the purchases.

 

When recording the purchases, you can create a credit card account. Then, enter the transactions to that account. 

 

Here's how:

 

  1. From the Accounting tab, select Chart of accounts.
  2. Click New.
  3. Select Credit cards.
  4. Enter the necessary details.
  5. Click Save.

 

Another way to keep a record of the transactions is by connecting your bank account to QuickBooks Online. This way, the system will download the items automatically. From there, you can categorize them to their correct accounts.

 

With this, your accounting records would go along, including the reconciliation process.

 

I've also added these references as your guide in categorizing and reconciling the accounts:

 

 

You can always tap me in the forum if you need help with categorization and reconciliation. 

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