Pay A Credit Card Bill Using QuickBooks
How to Pay and Record credit card debt in QuickBooks
You've got flexibility in how you choose to record and pay your credit card bills in QuickBooks®. Your decision is dependant on your personal circumstances because several ways can be appropriate.
Alternatives for recording bank card expenses include the following:
Enter a bill to the bank card vendor, summarizing the total charges on a single bill and entering a different line for every single expense account amount.
Enter individual bank card charges. Through the menu bar, select Banking, Enter Credit Card Charges. You could be prompted to incorporate a credit card account to QuickBooks. If you want to learn about Pay A Credit Card Bill Using QuickBooks and you need any help then Contact our Proadvisors.
Use the QuickBooks Online Banking feature and automatically download your credit card charges and payments straight into your QuickBooks data file. Not all charge card providers offer this functionality. To see whether your card offers this program, select Banking, Online Banking, Participating Financial Institutions through the menu bar.
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Options for paying your credit card bill include the following:
If you selected to enter a bill to your charge card vendor, pay the bill while you do other bills, paying it partially or in full.
In the event that you selected one of many other two options, you need to create a vendor bill or check plus in the Account column of this transaction assign the charge card type account you previously recorded the transactions to. The seller bill simply decreases the balance owed regarding the credit card liability account.
The money basis Balance Sheet might show this charge card payment amount if it is not paid because of the date you ready your financials.
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Have you ever discovered that QuickBooks users assign a new expense account every time they create a check or bill to cover costs of the business? This might make reviewing your specific expenses when it comes to business less accurate.
QuickBooks offers two choices utilizing the Automatically Recall Information preference (select Edit, Preferences from the menu bar and select the General—My Preferences tab):
Automatically recall last transaction because of this name—Recalls both the account therefore the previous amount.
Prefill makes up vendor based on past entries—Recalls only the account(s) used and won't recall the total amount.
A far more efficient process would be to assign up to three default chart of accounts to every vendor record.
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To add these accounts, follow these steps:
From the house page, click Vendors to open up the Vendor Center.
Find the vendor to which you would you like to assign accounts, and click Edit Vendor to open up the Edit Vendor dialog box.
Click OK to shut the brand new Feature message if it displays.
Click the Account Settings tab. Into the fields provided, find the desired account(s) from the drop-down list.
In the event that you rarely use the additional accounts, you might like to consider adding them only when needed. All newly created transactions include up to the three lines assigned. If these lines are not removed, they lead to blank lines of information in lots of reports.
The selected accounts will override any preference setting for Recall or Prefill and can instead insert these accounts automatically on a Write Checks or Enter Bills transaction. It is yet another method you'll find to assist you maintain your accounting accurate.
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