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December 28, 2021
Question

Overpaying a credit card

  • December 28, 2021
  • 1 reply
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I have a client that has prepaid (overpaid ) his credit card. There are no bills to apply the payment to and already a negative balance for the card. He was anticipating major expenditures so he prepaid it. But I cant figure out how to record the payment.

1 reply

December 28, 2021

Hi billjoynt@toront.

 

Being able to enter in credit card payments is a key part of QuickBooks Online that is made to help you save time and effort. I'd be happy to help you with getting your payments entered in QuickBooks Online.

 

In order to enter a credit card payment regardless if it was an over payment or prepaid you can follow these steps if the payment was made by a Cheque:

 

  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 cheque, select I made a payment with a cheque. In the Cheque no. field, enter the cheque 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.

If the payment was made any other way you can enter the payment by following these steps:

 

  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 want to add notes or file attachments, select Memo and attachments and follow the instructions on the screen.
  8. Select Save and Close.

You can also enter the payments using other means by following the steps in this article under the alternate methods section.

 

If you have any questions let us know and we'd be happy to help!