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jrossrivera
July 14, 2022
Question

Credit Card Transactions as Expense

  • July 14, 2022
  • 1 reply
  • 0 views

Hi there,

I am new to using Quickbooks online. I am using Sage50 in a different company before. For the credit card transactions, both companies set it up as suppliers which is fine. However, in QBO, they are entering the overheads (gas, entertainment, etc.) as different supplier so currently, we have 1000+ suppliers. We would no twant this to increase anymore and I think it is logical not to put this company expenses as suppliers. Since the credit card is already a supplier in QBO, I tried entering an expense but it is not showing in the balance. I tried to post it as bill and it did show in the balance. My question is, is it fine to post these credit card expenses as bill instead of expense so it will clearly show in the balance of the credit card (as supplier) and we can allocate the payment accordingly?

 

Thank you so much in advance everyone!

1 reply

J
JamesM4
July 15, 2022

Hi jrossrivera,

 

Thanks for contacting us here. QuickBooks is a hassle-free program that simplifies the way you manage your accounting. I'll be glad to point you in the right direction so you can achieve your QuickBooks goals. Recording your transactions the right way is a good exercise for keeping your books accurate.

 

Based on what you've described, I see you're following the right steps for recording your invoices. To ensure accuracy in your books, I recommend contacting an accounting professional to get expert advice. Doing this will help prevent any future discrepancies in your books. You can also reach out to accounting professionals on our site using this link here.

 

I'll also leave this question here so other accounting professional members can chime in and share their expert advice. Let me know if you have other questions, I'm here to assist.

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