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Jannie77
December 9, 2021
Question

Credit Card Lump Sum Payments

  • December 9, 2021
  • 1 reply
  • 0 views

Hi, I do not have my credit card linked to my quickbooks and don't want to do that yet.  But I'm looking for the best way to record when I make a lump sum payment on my credit card before I receive my actual credit card statement.  For example I pay $5000.00 on Dec 1 and then get my statement with a balance of $6500.00 on it a week later.  Should I be using the "credit card credit" option in qb online for the $5000.00?  And then when my statement comes in I will enter a bill in the amount  of $6500.00 and apply that credit?

1 reply

T
Trish_T
December 9, 2021

Hi Jannie77,

 

Thanks for reaching out to Community!  Having your transactions recorded accurately is essential for keeping your accounts aligned.  QuickBooks Online has just what you need to reach your goal, even if you prefer to enter the transaction manually.  I'd be happy to help!

 

Here's how to record your credit card payment:

 

1. Click + New from the left menu

2. Choose Pay down credit card

3. Select the credit card you made the payment to

4. Enter the required information

5. To add notes or attachments, hit Memo and attachments and follow the on screen instructions

6. When completed, hit Save and Close

That's it!

 

For Future reference, here's an article with more information for paying down a credit card in QuickBooks Online.

 

Please feel free to reach back out if you have any other questions.  We'd be glad to assist!

J
Jannie77Author
December 9, 2021

That doesn't work unless I have my credit card linked to my quickbooks and I'm not wanting to link my credit card (or am I missing something?).  

 

Thanks.  

T
Trish_T
December 9, 2021

Hi Jannie77,

 

One of the many features in QuickBooks Online, is the ability to manage your chart of accounts.  Although it's automatically customized when you create your company, you can add additional accounts when you need to track other types of transactions.  I'd be glad to guide you through the process!

 

Here's how to add your credit card account:

 

1. Click on the Gear in the top right and select Chart of Accounts

2. Choose New

3. Use the Account Type▼ dropdown and pick an account type

4. From the Detail Type ▼ dropdown, select the type that best fits the transactions you'd like to track 

5. Add a Description

6. To make sure the account in QuickBooks matches your real-life bank or credit card account, choose when you want to start tracking your finances

7. In the Balance field, enter the amount in the account and the as of date.

Note: If you want to start tracking immediately, enter today's date

8. Hit Save and Close when it's complete

 

You can also add the credit card account in the Pay down credit card window by hitting +Add in the Which credit card did you pay field.  Hit Save and Close when done.

 

Here's a helpful article to assist with adding an account to your chart of accounts in QuickBooks Online.

 

Let us know if you have any other questions.  We'd be glad to help!

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