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R
rsteenbu52
June 12, 2021
Question

Pre Paid MasterCard

  • June 12, 2021
  • 1 reply
  • 0 views

We are a non-profit providing community housing to intellectually disabled adults.  Each of our 7 homes use a Brinks Pre-Paid MasterCard for expenses for the home and reisdents.  How should this type of account be set up to reflect correctly in QBO?  Is it a credit card, or bank account. Our transactions are automatically synced.  Whenever the balance reaches a minimum amount we deposit funds to the pre-paid card. I'm just not sure how to go about this.

 

Thank you.

1 reply

J
jamespaul
June 12, 2021

Hello, rsteenbu52.

 

I'm happy to know that your organisation is helping those with special needs! That said, I'll show you how you can set up the prepaid cards in QuickBooks Online. 

 

Since the card's prepaid balance isn't really a liability, you'll want to set up the cards as Bank accounts in QuickBooks Online:

 

  1. Go to your Chart of Accounts.
  2. Click the New button. 
  3. Set the Account Type to Cash at bank and in hand.
  4. Set the Detail Type to Cash on hand. 
  5. Enter a name like "Prepaid card 1" or something similar. 
  6. Click Save and Close. 

 

Do this until all of your prepaid cards are added in QuickBooks. 

 

Whenever you want to deposit the funds, you'll want to use the Transfer function. Simply click the + New button, then select Transfer. 

 

Select your main bank account under Transfer Funds From. Then, set the prepaid card you want to add balance to under Transfer Funds To. Add the amount, then click Save and close. 

 

After depositing, you can start recording expenses incurred using the prepaid cards. You also have the option to connect them to the Online Banking feature.

 

Take note that Brinks will have to support the Open Banking regulation. If not, you can manually add your transactions to categorise them into QuickBooks. 

 

If you need to reconcile your main bank account, feel free to read this article for the workflow guide: Reconcile an account in QuickBooks Online.

 

I'm up and ready to help you again if you need to manage other accounts in your Chart of Accounts. Do you need to work on other processes? Let me know and I'll be with you in every step. 

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