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Deadwood Al
May 30, 2024
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QB Enterprise Credit Cards

  • May 30, 2024
  • 1 reply
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We have approx 10 people with credit cards, and I have been searching the help screens to find some training documentation for using Credit Card (a liability section in the GL), but the vast majority of the subjects are for Online, and most of the rest have to do with accepting credit card payments from customers. I am NOT looking at the AR side of credit cards ... I'm trying to find info on accounting for the credit card purchases by our employees as a liability account. I would appreciate links to training or info on using  QB Credit Card processing. I bought the 2024 QuickBooks for Dummies book and all it has is a scant mention of credit cards. I'd really appreciate any info pointing me to some guides for using the credit card processing.

 

For example: Should I be creating a separate GL number for each person who has a credit card so all charges on their card is kept separately? The bank automatically drafts our bank account to pay all the credit card balances. 

 

OR should I have one major credit card account and sub-accounts for each of the card holders to provide the detail level in the sub-level and the major account would reflect the combined card liability?

 

There's a lot of discussion on "bank feeds" related to credit cards ... what's the advantage on this? Is it required? Help!!

 

Thanks.

Best answer by MJoy_D

I can share some information about recording employees' credit card purchases in your QuickBooks Desktop account, @Deadwood Al.

 

Creating separate GL numbers for each employee can provide individual tracking while using subaccounts under a major or parent credit card account can offer a combined view with detailed sub-level information.

 

If these credit card accounts are under your company, consider creating a parent or major account, then add your employee's credit card accounts as subaccounts. If not, or issued individually, consider adding these accounts separately. Once done, record purchases or expenses as you normally would. Refer to this article for more information about setting up, using, and paying credit card accounts in QuickBooks Desktop: Set up, use, and pay credit card accounts. 

 

As for bank feeds related to credit cards, the advantage is that they can automate the process of downloading credit card transactions into QuickBooks, saving time and reducing manual data entry. While it's not required, it can help you make the entire process easier. Check out this article for more information about setting up account numbers, accounts, and subaccounts: Add, edit, or delete accounts in QuickBooks Desktop.

 

If you have accounts connected to online banking, you can review the resources to manage your transactions:

 

 

Please don't hesitate to post in this thread if you have any other questions or need further assistance tracking your credit card transactions in QuickBooks. We're here to answer them. Have a good one!

1 reply

MJoy_D
MJoy_DAnswer
May 31, 2024

I can share some information about recording employees' credit card purchases in your QuickBooks Desktop account, @Deadwood Al.

 

Creating separate GL numbers for each employee can provide individual tracking while using subaccounts under a major or parent credit card account can offer a combined view with detailed sub-level information.

 

If these credit card accounts are under your company, consider creating a parent or major account, then add your employee's credit card accounts as subaccounts. If not, or issued individually, consider adding these accounts separately. Once done, record purchases or expenses as you normally would. Refer to this article for more information about setting up, using, and paying credit card accounts in QuickBooks Desktop: Set up, use, and pay credit card accounts. 

 

As for bank feeds related to credit cards, the advantage is that they can automate the process of downloading credit card transactions into QuickBooks, saving time and reducing manual data entry. While it's not required, it can help you make the entire process easier. Check out this article for more information about setting up account numbers, accounts, and subaccounts: Add, edit, or delete accounts in QuickBooks Desktop.

 

If you have accounts connected to online banking, you can review the resources to manage your transactions:

 

 

Please don't hesitate to post in this thread if you have any other questions or need further assistance tracking your credit card transactions in QuickBooks. We're here to answer them. Have a good one!

D
Deadwood AlAuthor
May 31, 2024

Thank you. Lots to read & digest. I'll get back if I had more questions. Thank you so much for giving me directions on finding the right documentation.

    M
    Maybelle_S
    May 31, 2024

    Hello, Deadwood Al.

     

    Thank you for getting back in this thread and verifying that my colleague's suggestions above worked for you. It's our goal to help you get the most out of QuickBooks.

     

    We're glad to help you with any issue relating to QuickBooks. If there's more, add them below. Have a great day!

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