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arkvalleyinfo
December 11, 2018
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Keeping track of expenses and payments to a company credit card

  • December 11, 2018
  • 3 replies
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I have several company credit cards that I need to keep track of the expenses and payments. I have set each card up as a Credit Card in my Chart of Accounts and have entered charges. I cannot find a way to apply a payment made to the credit card. I do not always pay the cards in full.

Best answer by QBsguru

You reconcile your credit cards just as you would your bank accounts.  When the reconciliation is complete you will be prompted to enter a bill or write a check.  You can choose the amount to pay at that time.  The open balance will show as a liability.

3 replies

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QBsguruAnswer
December 11, 2018

You reconcile your credit cards just as you would your bank accounts.  When the reconciliation is complete you will be prompted to enter a bill or write a check.  You can choose the amount to pay at that time.  The open balance will show as a liability.

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arkvalleyinfoAuthor
December 11, 2018
I am running QB 2012 - when I reconcile and click OK it does not ask me that question, it asks if I want to make a reconcile adjustment, which I do not. And when I go to just Write Checks, I can't seem to match up the credit card with the expenses. Any help would be greatly appreciated.
qbteachmt
qbteachmt
December 11, 2018

"I am running QB 2012 - when I reconcile and click OK it does not ask me that question, it asks if I want to make a reconcile adjustment, which I do not."

Then you did not end In balance. You need to end with a difference of 0. Your ending balance from the statement is the goal and your Reference point.

"And when I go to just Write Checks, I can't seem to match up the credit card with the expenses."

You Don't Match anything. It is Just an Amount that you are paying against the Running Balance that you owe. This is a Micro-loan process. Every time you use the card, you Already Paid. There is no Paying of expenses after this. You used a card to pay. Someone Loaned you the money through the use of that card. Now you owe AMEX, or Visa, or whatever, a Running Balance of Increasing debt. You are paying down that Debt balance.

It is just One Amount. It is NOT an expense at all.

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arkvalleyinfoAuthor
December 11, 2018
thank you - it took me a moment to process how to process the payments but I've got it now! Thanks.
qbteachmt
qbteachmt
December 11, 2018

"I cannot find a way to apply a payment made to the credit card"

On the Check, on the Expenses tab, the Credit Card is seen, and this is not an "expense" but paying down the balance of that card. If one check paid multiple cards, list them here and their allocation of the payment.

"I do not always pay the cards in full."

You don't have to; this process is a Balance Reduction process. You can see this in the Register view of the card accounts.

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