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JulieB206
December 12, 2022
Question

Expenses versus credit card payment

  • December 12, 2022
  • 1 reply
  • 0 views

Hi there,

 

I'm new and still working on figuring things out. I'm looking for guidance on how I can reconcile expenses with credit card payments. As an example, I pay $xx.xx per month for my quickbooks subscription, and that is charged to my credit card, and I make the $xx.xx payment to Visa, how do I register this so it shows the expense and it's not just logged as a credit card payment on my books?

 

Thank you!

1 reply

AlcaeusF
AlcaeusF
December 12, 2022

Hi @JulieB206,

 

Thank you for choosing QuickBooks as your accounting software! I'm here to help you manage your expenses in the Online version.

 

When you reconcile an account, you compare transactions in QuickBooks with the ones on your bank statements. You know your account is balanced and accurate if everything matches.

 

Our recommendation is to reconcile your checking, savings, and credit card accounts every month. Before you begin the process, I want to sort things out to get you on the right track.

 

There are multiple ways to record credit card payments so you can keep track of your expenses. The main way is to use the Pay down credit card option under the + New option.

 

Here's how:

 

  1. Select + New.
  2. Under Money Out (if you’re in Business view), or Other (if you’re in Accountant view), select Pay down credit card.
  3. Select the credit card you made the payment to.
  4. Enter the payment amount.
  5. Enter the date of the payment.
  6. Select the bank account you paid the credit card with.
  7. If you made a payment with a check, select I made a payment with a check. In the Check no. field, enter the check number, or if you paid electronically, enter the EFT number.
  8. If you want to add notes or file attachments, select Memo and Attachments and follow the instructions on the screen.
  9. Select Save and Close.

 

For the alternative methods, check out this link: Record your payments to credit cards in QuickBooks Online.

 

Since you're new to QuickBooks, I also want to share additional information about managing expenses. I have a link that contains helpful information for you: Enter and manage expenses in QuickBooks Online.

 

After recording your transactions, you can start the reconciliation of your account. We have a complete guide to help you throughout the process.

 

Additionally, there are troubleshooting steps you can perform if QuickBooks doesn't match your bank statement at the end of a reconciliation. You can use this article as a reference in the future: Fix issues at the end of a reconciliation in QuickBooks Online.

 

Drop a comment below if you have more questions about managing your expenses or reconciling an account. I'm always here to assist. Take care.

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