Set Up, Pay, and Enter QuickBooks Credit Card Accounts

Another amazing of QuickBooks is the ability to set up a credit card account in QuickBooks Desktop. This will make your job easier by allowing you to keep track of the charges and payments you have made. Are you eager to learn how to use it? Then let’s find out how you can set up, pay, and enter credit card accounts in QuickBooks Desktop.

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Things to Know before using Credit Card Accounts in QuickBooks Desktop

There are certain points which you should be aware of before using your credit card account. These are:

  • A zero balance in credit card means you have not made any charges on your balance due.
  • A positive balance indicates that you have pending charges on your credit credit card, and a negative balance indicates that you have made overpayments.
  • A QuickBooks user can enter payments and charges in the sub-account, and the charges will be available in the account register if the user has a credit card sub-accounts.

How to Set up QuickBooks Credit Card Accounts

Follow the below steps to set up the QuickBooks Desktop credit card:

  • First of all visit to the ‘Setting‘ option and click on the ‘Chart of Accounts‘ option.
  • Then click on the ‘Credit Card‘ option and select the ‘Continue‘ option.
  • Now you can see the window of ‘Add New Account‘.
  • In this window, type the name of the credit card.
  • Check the Sub Account checkbox, if you are setting of up a sub accounts. Select the parent credit card account from the drop-down.
  • After that select an option to answer the question ‘When do you want to start tracking your finances from this account in QuickBooks?’.
  • Now enter the balance of account.
  • At the last, click on ‘Save Close‘ option.

How to Enter Credit Card Charges

To put the amount you owe on your credit card account, enter credit card charges.

  • Choose the ‘Enter Credit Card Charges‘ option from the ‘Banking‘ menu.
Credit card charge screen
Credit card charge screen
  • Now go to the Credit card drop down and choose the exact account.
  • The ‘Purchase/Charge‘ option must be selected before automatically.
  • If in case, you need to record a refund or credit you received through the credit card, you can can choose the ‘Refund/Credit‘ option.
  • Now click on the ‘Purchased From‘ and select the vendor, and make sure about the date.
  • If you need to explain the charge or the refund then enter a memo.
  • In the next step, click on the ‘Expenses or Items‘ tab, and enter the expenses that you want to track.
  • Now click on the ‘Save & Close‘ option.

Now the entering of credit card charges in QuickBooks Desktop is done.

How to Pay Credit Card charges

Pay QuickBooks Desktop credit card charges by following the below step:

  • First of all, you have to go to the ‘Banking‘ menu and click on the ‘Write Checks‘ option.
  • Now select the bank account that you use for paying credit card from the drop-down of ‘Bank Account‘, and select the payment date.
  • Choose the credit card company name from the ‘Pay to the order of‘ drop-down.
  • Then enter the payment amount, and go for the ‘Expenses‘ tab to select the credit card account.
  • Enter a line for each and every sub-account, and type the amount you need to pay, if you are making a payment for sub-accounts.
  • Remember that, the total account must be equal to the total amount reflected for the parent account.
  • At last, click on the ‘Save Close‘ option to save all the changes and close it.

Now see how you can pay your credit card charges before and after reconciliation to reduce the amount you owe.

Paying Credit Card Charges before Reconcialition

You can pay your credit card by writing a check. This is how it is done:

  • Go to the ‘Banking‘ menu and select ‘Write Checks‘.
  • Select the Bank account and date of your payment.
  • Choose your credit card company name and enter the amount you have to pay.
  • Select the ‘Expenses‘ tab.
  • From the  Account ▼ dropdown, select your credit card account.
  • Click on ‘Select & Close‘.

Paying Credit Card Charges after Reconcialition

There are two options to pay your charges after reconciling your account.

  • For immediately paying your expenses you can write a check.
  • By entering a bill for vendor which can be paid in future.

How to Enter Credit Card Annual and Finance Charges

This is how you can enter credit card annual and finance charges in QuickBooks Desktop:

  • Go to the ‘Settings‘ tab, and click on the ‘Chart of Accounts‘ option.
  • Now find the ‘Credit card account‘, and double click on it.
  • Select the Payee field from the bottom of the register, and click on the ‘Credit card company‘ option.
  • Enter the amount from the ‘Charge‘ column.
  • Now go for the ‘Account‘ tab and select the ‘Expenses account‘ that you need to use for tracking the finance, annual, and other bank services charges.
  • Now click on the ‘Save‘ option to save all the information.

That’s it. This is how you can enter your credit charges in QuickBooks Desktop. If you need further assistance or want to learn more about QuickBooks credit cards, talk to our QuickBooks ProAdvisor for their expert advice. Dial our toll-free number +1-877-355-0435.

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How to Set Up, Pay, & Enter Credit Card Accounts in QuickBooks Desktop?