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DDEXC
April 21, 2022
Question

Best way to enter credit card

  • April 21, 2022
  • 1 reply
  • 0 views

I have quickbooks desktop. I have a credit card in my vendor list that I only make payments on the statements, so for example the statement was $11,780.56 so I made a payment for $4,000. Then my next statement was $8,577.49, so I made another payment of $2,000. Our company uses the credit card monthly therefore the statement will always be different than what balance was left after I make a payment. How is the best way to add payments and putting the new statements in? Since I am not paying it off fully I know how to make multiple payments, but how do I go about entering it since my statement is different every time? I hope this makes sense, I can try to elaborate more if need be.

1 reply

BigRedConsulting
BigRedConsulting
April 21, 2022

To properly track credit cards in QuickBooks, set up a credit card account. Enter the individual transactions in the account register much like you do a bank account (or use the credit card charge transaction form, which works like a check in the bank account.)

 

Then when you pay an amount, record a check from your bank account using the CC account. It effectively becomes a transfer to the CC account, reducing it's balance. This is much like a check written against a loan, which also pays down its balance.

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DDEXCAuthor
April 21, 2022

Thank you so much! It worked!

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