How to enter Credit Card Charges, Reconcile and apply Partial Payments in QuickBooks
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- Äas pĆidĂĄn 5. 08. 2024
- Do you want to learn how to enter credit card charges into QuickBooks?
Or how to reconcile and apply partial payments?
In this video, I will walk you through each step. đ
Learn how to Enter Credit Card Charges, Reconcile Your Credit Cards and Apply Payments inside QuickBooks.
âĄïž Steps to Entering CC Charges, Reconciling, & Applying Partial Payments:
âĄïž Setting Up New Credit Card
Go up to âListsâ
âChart of Accountsâ
Go down to âAccountâ
âNewâ
Choose âCredit Cardâ
Click âContinueâ
âAccount Nameâ
âEnter Opening Balanceâ **If you have a beginning balance
Click âSave & Closeâ
âĄïž Entering Credit Card Charges
Go up to âBankingâ
âEnter Credit Card Chargesâ
Select âCredit Cardâ
Choose âPurchase/Chargeâ or âRefund/Creditâ
âPurchased Fromâ
âDateâ
âRef No.â
âAmountâ
âMemoâ
âExpensesâ Tab
âAccountâ
âAmountâ
âMemoâ
âCustomer: Jobâ
âClassâ
Click âSave & Closeâ
âĄïž Reconciling
**Grab your Credit Card Statement
Choose âAccountâ
âStatement Dateâ
Check âBeginning Balanceâ
Enter âEnding Balanceâ
âFinance Chargeâ
âDateâ
âAccountâ
âClassâ
Click âContinueâ
Checkmark the transactions to match the âCredit Card Statementâ
âDifferenceâ should always be Zero
Click âReconcileâ
âMake Paymentâ screen will show
Click âCancelâ
âSelect Reconciliation Reportâ screen will show
Summary
Detail
Both
Click âDisplayâ
Go up to âPrintâ
âReportâ
**Hide transactions after the statementâs date end date - checkmark to hide all transactions after the for period date
**Click Modify if you need to adjust anything in your reconciliation
âĄïž Entering Payments
**You can enter them in Write Checks or Check Register
Go to âWrite Checksâ
Select the âBank Accountâ
âNo.â
âDateâ
âPay to order ofâ (Credit Card is a Vendor)
â$â amount
Enter your breakdown under the âExpensesâ Tab
Click âSave & Closeâ
**After entering in Write Checks, it will automatically show in the Check Register
Timestamps:
0:00 - Intro
0:03 - Where you're Credit Card sit in QuickBooks?
0:50 - Add Credit Card
2:31 - Q&A
3:35 - How to Enter Credit Card Charges
5:34 - Reconcile credit card
7:32 - Remember đĄ
9:05 - Outstanding balance
10:14 - Printing Report
10:43 - Adding Payments (Catching up)
13:25 - Payment shows in Check Register
13:54 - Checking Chart of Accounts
14:18 - Checking old transactions
15:11 - Summary
15:27 - Final Thoughts
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Thank you so much! I have never reconciled my credit cards and realized what a mistake it was. I am trying to begin with your tutorials. Thank you!
Thank you so much for the clarity you give in teaching. It has been so easy to follow what you are saying.
You are an awesome teacher! Thank you for your time!!! đđđ»
Fantastic! So glad I found you and thank you for Mary for asking question. I watched your previous video and had same question.
Thanks so much! Really well done. I have a MUCH better understanding. Really hit it on the head with explaining the timing of when certain activities can/should be done such as entering charges, reconciling and making payments. So many videos are focusing on the mechanics of what to do (great), but still need the business application and understanding. My next endeavor is finding a quickbooks quick-reference dictionary of all the transaction TYPES found in the AP, AR, etc registers-- i.e BILLPMT vs BILL vs CC CREDIT, etc. Understanding those TYPES is key to troubleshooting errors, but they're not that intuitive and not that obvious to me when certain TYPES shouldn't show up in certain registers and indicate an error. Thanks again.
Had a question, but then I saw you had another video and it was answered there. Thx
Thank you!!!! You turned a mystery and fear into resolution and fearless understanding. You're not just a teacher, you're a brain leader, lol. Again, thank you!
Wow! Iâm so happy to hear how much the training helped đ
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You are amazing! Thank you very much! I enjoy your videos and they are helpful. It helped me with a lot of the questions I have.
Gosh! Finally I get a great video, perfect explanation and not talking and talking! Thank You!!!!
Glad you liked it Gabriela!
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Elaine - Team Candus
I have been on phone with Qb trying to figure out how to pay my credit card because it was classified as a credit card and not a vendor you answered the question in two minutes and I have spent hours on the phone with QuickBooks trying to explain this to me. Thank you so so much.
Yay! Glad it helped you Scottie.
Elaine - Team Candus
hi thanx for this video I m starting new bookkeeper job .I m rectly done my study so I m new in bookkeeping job and this video is vry helpful for me
I must say I use Quick Books Online but your class is so detailed that it provides me enough knowledge to relate the information to my format. Thanks
Candus, I wanted to thank you for your information on this credit card "stuff"! It's been a real problem, and apparently I've been doing it incorrectly for years, although nothing to go to jail about...I hope. But I watched your video, rewinding, checking things again, entering and re-entering info, and I think...hope it's all correct now. Thank you for completely explaining things!
thank you so much. With zero knowledge about accounting, i am glad to learn from you Candus. You are amazing!!
Happy to hear that Ho Doris!
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Elaine - Team Candus
Oh my gosh, thank you for this. It was all clear and glad that you have started from entering the charges. I've been searching for days on how to do reconciliation w/o any existing transactions but all I have watch is not the same as yours. Thank you very much for this. â€ïž
Hi Emmylou,
Thank you so much! We love hearing this. đđ»
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Great video, Candus. Thank you so much
Thank you! I've been worried about this and you explained everything so clearly. Thanks again!
Yay! Glad it helped you đ
If you need help with QuickBooks you may join her free workshop.
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HI, THANKS FOR YOUR TIPS I LOVE THE WAY YOU TEACH.
Was very helpful in teaching me on what to do with our credit card payments. Thank you...
Thank you for going into this detail. I had used Quicken for personal accounts 30 years ago and I've just started using QuickBooks for my business a couple years ago. Your videos are great because you focus on one aspect of one topic at a time so there is no overload. I love how you show examples of what you are doing and how. Thank you for explaining all this to the layman.
Yay! Glad it helped you Deane!
Elaine
Team Candus
@@CandusKampfer Thank you so much for great video.
This is just to enter a credit charge in order to pay later for expense but ..
1. What if company buys a new computer with credit charge, do I have to record it as an asset?
2. What if company buys an inventory with credit card such as buying clothes to sell, it needs to record an inventor too. Do I choose an item to record new clothes???
So if #1, do I need to add a new computer in chart account for fixed asset and input a purchase amount $1000 letâs say. Then go credit card to enter a charge for $1,000 expense at Best Buy?
If #2, do I need to select items since itâs inventory buying with card?
Thank you so much. You are very helpful.
Ah! Great video Candus, thank you soooo much.
Yay! Glad it helped you Ana!
Elaine
Team Candus
Thank you and love your teaching video , every single word is clear to hear , so sweet sound.
I'm so glad you enjoyed the video đ
Have an amazing day!
Elaine - Team Candus
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Thank you so much Candus! Love to watch your videos. You explain everything so simple...
Hi Astrid,
Glad it helped you.
Have an amazing day!
Kindra ~ Team Candus
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Thanks so much for your help! You're a great teacher!!!
@Darkteckh on telegram is a real vendor I canât believe my eyes that man too real Go on his telegram He sell credit card with high balanceđ§
I've been making credit card payments in QuickBooks by transferring funds from bank account to credit card. I use the bank statement to see what was paid and when.
thanks for the great video!
Thank you ! This answered all my questions!
@Darkteckh on telegram is a real vendor I canât believe my eyes that man too real Go on his telegram He sell credit card with high balanceđ§
Thanks very much for your videos is been very helpfull I have a question how you add your cc charges to your P&L
You are awesome! I'm sure I will be viewing other videos you have and will contact you with any questions!
@Darkteckh on telegram is a real vendor I canât believe my eyes that man too real Go on his telegram He sell credit card with high balanceđ§
Love the tutorials. Wondered if you can cover how to upload information from the credit card companies so that I don't have to enter all the transactions myself.
I have been working with QB since last May. I am so confused. Trying to get taxes figured out . For the first time I found a video I could actually understand. I had no idea until now that I could put the credit card on QB. I just did my first reconcile after putting in my transactions and it was so easy. THANK YOU THANK YOU THANK YOU. Still a bit befuddled!! but get a grasp so next year will be better. Cheryl
Awesome Glad the video helped you Cheryl đ
Have an amazing day!
Elaine
Team Candus
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Incredible video Candice does an excellent job!
Yay! Glad it helped you Mark!
Elaine
Team Candus
This helped a lot! I have question regarding the print after reconciled. Can you go back and print for previous months reconciles?
Thank you Candace! Your videos have been very helpful. I now work for a non profit company that has three underling companies. The main company receives money on behalf of the other two and I have to do journal entries to record these transfers of money in each company and it gets very confusing because I am not used to doing journal entries. I have always done bills and payments.. Is there any way you can explain to me how this should work correctly. Much appreciated.
Awesome ...thanks!!!!!
I am new to QB and I absolutely love love love your videos and information .... YOU ROCK!!!!!!!!!!
Aww thank you Michele.
Thank you for this! I just started doing the QB for my dad's company a month ago and even though I mostly have the basics down I wasn't quite sure if what I was thinking to zero out the CC balance was correct, because he pays the bill in full every month so we never have a balance. Usually I enter all CC charges separately in the CC charges and then pay the bill with the one check( he pays everything by handwritten check, I just have to record the data in QB) so the bill shows as paid, but I wasn't sure how to reflect that in the actual credit balance, after watching this I realized reconciling to zero was what I needed to do to show the correct balance so he doesn't have a freak out moment seeing his balance lol.
Hi Lynzee,
We love hearing this. đđ» I'm so glad it was helpful.
If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips
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very helpful very well done
I liked your way of teaching, very clear. Thank you
Yay! Thatâs so awesome to hear Elisa đ
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Elaine - Team Candus
You're Awesome. Nice video. You just score 100% on explaining QuickBooks manual data entry. This video helps me a lot.
Awesome, thank you!
Glad it was helpful
Have an amazing day,
Ednalyn ~ Team Candus
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Wow, thank you for the video. And I love your voice by the way. What city do you offer your services? I really need an accountant to help me out on several suspicious statements have received on one of my credit cards.
Thank you for your kindness in making this video. You are a wonderful teacher!
Yay! Glad it helped you Debbie!
Elaine
Team Candus
@Darkteckh on telegram is a real vendor I canât believe my eyes that man too real Go on his telegram He sell credit card with high balanceđ§
Hello, Ok this video was awesome thanks! Question though my first time reconciling CC's. I dont have a beginning balance (or maybe I do & dont know where to find it). When i go to reconcile I have no cleared balance (which is supposed to be my beginning balance. Thank you
Thank you . Very good video. I would like to know if for example i get a new credit card with a line of credit of 10000, when i set up the credit card, do i have to put the 10000 and if so where. ..... Thanks, Jorge
great video!
Thank you so much. Your videos are very helpful.
Yay! Glad the videos helped you, Nelida đ
Have an amazing day!
Elaine -Team Candus
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Wonderful video, thank you Candus
Yay! Glad it helped you Carolina!
Elaine - Team Candus
Thank you, very helpful đđ
Yay! Glad it helped you đ
Have an amazing day!
Elaine - Team Candus
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Great Videos! Do i need to enter credit card transactions manually if i download them from website?
Hi Candus, My question is...how to you pay your cc with other bank acct in QB. My husband started a bus in April of 16, and we have had to use our other bank acct and cc to pay bills and buy material...how do you do that in QB (when reconciling a credit card?
Great video. How do I account for credit card charges if I have assigned one of my personal cc for business use and I inadvertently used the cc for business and personal use? Can I just make the personal entry as an equity item?
Thanks a whole lot!
Awesome! Glad it worked for you!
Elaine
Team Candus
What a helpful video, thank you. I have a further question - is there a way to enter the credit card due as a bill to be paid so that it shows up in the pay bills window with a date payment is due as a REMINDER to pay??
Thank you for the detailed video. I would like to find out how the create bill function works with credit cards. Can you make a video explaining that please?
Hi TheRedPIll,
Thanks for your question, I've added it to our list. Once a month, Candus picks the top 10 questions and answers them Live on her FB page.
If you haven't subscribed to Candus's Tips & Tricks yet, here is the link to join: canduskampfer.com/tips we'll send a reminder for her next Live top 10 answers.
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Thank you for being part of Candus' community!
Elaine - Team Candus
P.S. If you need help with QuickBooks, join her Getting Started with QuickBooks workshop, here is the link to save your seat: canduskampfer.com/getting-started/
It's a great video. You teach very well
Awesome! Glad it worked for you!
Elaine Team Candus
This was very helpful! Thank you!
You're so welcome! Glad it helped you đ
Elaine - Team Candus
@Darkteckh on telegram is a real vendor I canât believe my eyes that man too real Go on his telegram He sell credit card with high balanceđ§
Thank you!!!
Hi Mital,
I'm so glad this helped you!
If you're looking for more QuickBooks training, I'd recommend joining us on our next workshop.
You can save your seat here: canduskampfer.com/workshop
Have a great day!
Ireland
Team Candus
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Candus
Thank you for your video! How do I change my opening balance for a credit card? I opened a new company and imported my chart of accounts. I entered all my credit card charges up until now, but my beginning balance is zero and that is not correct. How do I make it a negative number? I figured out how to change my opening balance for my bank account just fine, but it's not working for my credit card. Thank you for your help and videos!
You have been extremely helpful thank you for your tutorials.
You say a couple of times in this videos to make payments after you reconcile. How do you reconcile if you do not have any payments to reconcile?
Thank you. Part 2 of this, how do you show a refund that was put back onto your credit card? Do I run it through the "enter bill" and link the return or is there another option?
We love you!
Hi Candus,
I like your videos you are amazing!
I have a business with my qb with more than 10 years data. How Can I delete my previous years and just keep the last 3 or 7 years?
Thank you for the instructional videos.
Luis
I have been using QB for yearsss and have always entered our CC statements as a bill with the vendor being the CC company and therefore it is tracked via AP with all the expenses being itemized on that one bill in QB. This video was eye opening to see that I should really be entering them all as individual CC charges and then reconciling against the payment. I understand the concept of doing it that way, but if I do, how do you manage when the payment is due? Make a note in my Outlook calendar so I remember to pay it :)
Hi Casey,
You can create a bill if you need it to show up on a report or know when itâs due. You just need to make sure the amount is the same as what you paid.
If you're looking for more QuickBooks training, I'd recommend joining us on our next workshop.
You can save your seat here: canduskampfer.com/workshop
Have a great day!
Ireland
Team Candus
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Thank you very much for your clear instruction, I have much better picture about entering credit card transaction now, can I enter debit card transaction the same way as credit card? please let me know. Thank you .
Great information. Thanks
Glad it was helpful Meena đ
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Elaine - Team Candus
Thank you so much
Awesome! Glad it worked for you!
Elaine
Team Candus
Thank you!
You're welcome Kirk! Glad it helped you đ
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Elaine - Team Candus
THAAAAAAAAAAAAAAAAANK you !!!!!!!!!!!!!!!!!!!!!!!!! best teacher
this is a great video, thanks
Hi Manny,
Thank you for watching our videos đ
Have a great day!
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hi,
i am knew to QB. this was great !!
Glad you enjoyed it Nechole đ
Have an amazing day!
Elaine -Team Candus
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Great video. Credit card mysteries solved. Thank you for sharing your knowledge.
Yay! Glad it worked for you đ
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Elaine - Team Candus
Hello Candus, You where write. thank you very much :)
Oh my goodness, you are good. If I can understand you, then anyone can. I can enter CC charges and reconcile easy enough but I couldn't figure out how to write a check to pay off the CC bill....you rule. I owe you lunch, dinner.....
Very clearly and easy to understand thepresentation
Awesome! Glad it worked for you đ
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Hi Candus! Thanks for your videos. They are so helpful! This video holds up even four years later. I have a quick question. I always enter my bills so I don't forget when they are due. You said to do it that way messes people up. It will not make duplicate entries for my CC payment if I choose to do it that way, will it?
Thank you for watching the video!
Due to the large volume of questions and emails we receive daily, Candus isnât able to respond to all of them any longer. If you are just starting out with QuickBooks or feeling overwhelmed and need help, register to join her next workshop here: canduskampfer.com/getting-started/
Have an amazing day!
Elaine
Team Candus
Another question, one of the credit cards is for our tech guys. I have one that uses it for personal purchases. When I review the statement each month I invoice him for it, but how do I show it in the credit card entries?
Very good, informative & pratical video, Thank you
Glad it was helpful Vinod.
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Elaine - Team Candus
So we buy inventory that we resell from a few Vendors that we pay for with a credit card. Typically we start with a PO of all products needed from a Vendor. When the product arrives we enter the bill from the Vendor. I pay my credit card off each month but I need to know the best way to make this happen from an accounting standpoint that keeps my COGs account correct as well as my bank account, credit card account etc. Do you already have a video that covers all of these things ? Thank you, Wayne
I also teach QB in a JR college you are a fantastic teacher
Yay! Glad it helped you Glenn.
If you like the way she teaches you can join her Getting Started with QuickBooks workshop, here is the link to save your seat: canduskampfer.com/getting-started/
Elaine - Team Candus
Thanks for the kind words Glenn!
Thank you for making this video. I agree that you are a great teacher! I would, however like to ask you a couple of questions regarding credit cards. I have a small affiliate marketing business that I started early last year and I am just now inputting information into the software. My questions are: Will Quickbooks sort the trans actions by date if I don't enter them in chronological order? Also, since I've used personal credit and debit cards to pay for business expenses do I have to reconcile my personal and busines expenses within Quickbooks? Your assistance would be greatly appreciated.
Thank you for watching the video!
Due to the large volume of questions and emails we receive daily, Candus isnât able to respond to all of them any longer. If you are just starting out with QuickBooks or feeling overwhelmed and need help, register to join her next workshop here: canduskampfer.com/getting-started/
Have an amazing day!
Elaine
Team Candus
Hi Candus, I thank you for your videos. I am learning many new things even though I have been QuickBooks user for years. I would like to know how to enter a late fee and interest charge on credit card in quickBooks? Thank you!
Ok. Thank you!
Hi candus hope your doing well, i have a question about credit card payments. How do you enter credit card payments with out chargeing anything. In other words i have a credit card that i dont charge anything very often i just pay the bill. Thats were my question comes in to play, how do you make just a payment with out makeing a new charge to a credit card and in what register do you apply it to and use.
Again i need your help i cant find nothing on youtube that addressess this issue
This is helping a lot Thank you!
I do have a question. As I am looking at my new 2022 CC statement that is due Jan I know I have to use the December balance for January statement charges. But, what I am confused about are the dates of charges in the January statement. Some are from back as far as October. Do I use the exact date of the charge that shows on the January statement? I am confused.
Hi Daisy,
If you havenât filed your taxes, you would use the date the transaction happened.
If you're looking for more QuickBooks training, I'd recommend joining us on our next workshop.
You can save your seat here: canduskampfer.com/workshop
Have a great day!
Ireland
Team Candus
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wonderfully presented
Yay! Glad the video helped you, Jayne.
Have an amazing day đ
Elaine - Team Candus
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excellent video!
Glad it helped you.
Have an amazing day!
Kindra ~ Team Candus
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The person in my position before me only put in credit card charges and payments for the past 10+ years. I know the balance is zero but it shows being over $175,000. I don't have statements that date back that far. If I know the balance is zero how can I fix that and reconcile moving forward? The account was only reconciled a few times in 2006.
I want to know about construction accounting adusting entries and closing entries are same as merchandising or manufacture industry. I will thankful to you.
Hi, Thank for the video, it helps a lot. My question for you is: Lets say I charge the credit card for $1,000 but next month I pay only $100. Why on my P&L shows all $1,000?? It should only show $100 that I expense. Thanks!!
Hi Candus. When my company gets an invoice I enter it into enter bills. We usually pay our bills by check once a week. There are occasions where my boss will change his mind and pay a few vendors using our credit card. This is after the bill is already entered in QuickBooks.Should I delete the bill and then enter it into credit card charges or is there a way I can change the bill into a credit card charge.
Hi Candus, Thank you so much for all your videos. They have been very helpful. I do have a question about entering a partial credit card payment and reconciliation. I entered payment as you showed in the video but when I reconciled there is a discrepancy for the amount I paid first. Please if you could help me it would be greatly appreciated.
Hi Zulma,
I'll make sure your question is added to Candus' list of future Tips & Tricks ideas.
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Have an amazing day đ
Elaine
Team Candus
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Candus - question on this. After reconciling the credit card, when it asks if I want to pay the balance or enter the bill, you say that we should not enter the bill because then it shows as a payable. But I -want- it to show as a payable. I want my client to see that he has a credit card bill due, and I want to be able to enter that credit card bill with a DUE DATE so that he can go and pay that bill when he's ready (before the due date). If I don't enter that payable, what do you suggest I tell my client so that he can remember to pay his cc bill even though there is nothing in the aged payables report?? Thanks much, Jill
How would I add Prevailing wage in Quickbooks for payroll? Thank you for your wonderful videos they are very helpful
Hi Melenda,
Thank you for reaching out to us!
Due to the large volume of comments and emails, we receive daily, Candus isnât able to respond to all of them any longer. We will add your question to our future tip requests. Please join the weekly tips and tricks to be notified when your question is answered. canduskampfer.com/tips
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Have an amazing day :)
Elaine - Team Candus
Hi Candus! We have two entities set up on their own QuickBooks accounts. Both have BOA cards on the same account and it's all paid from one entity each month. What's the best way to enter the monthly charges and establish a process to reconcile the card and Due To/Due From? Thank you!!
***** Yes, monthly.
Hi Candus. I was hired 6 months ago with no experience in QB. I have been stumbling my way thru. I have never entered the credit cards this way. I know you said to go back and enter the charges, but I am confused. I have already been making payments on the CC by just writing checks, so how do I know go back and enter them without them coming out of the check register again?
Candus, I really appreciate you sharing your intellect with us!! I had deleted a deposit that was reconciled 8 months previous and can't figure out how to reconcile---Please HELP!
Hi Jayne,
Thanks for your question, I've added it to our list. Once a month, Candus picks the top 10 questions and answers them Live on her FB page.
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Thank you for being part of Candus' community!
Elaine - Team Candus
P.S. If you need help with QuickBooks, join her Getting Started with QuickBooks workshop, here is the link to save your seat: canduskampfer.com/getting-started/
Quick question... The previous person that was doing our book would never enter the charges or reconcile the statments. They just entered the payment as a check and assigned it to a generic "Credit Cards" account and let the accountant deal with it at the end of the year. So Im trying to somewhat do things correctly. Ive been entering the cc charges and then entering the payment as a check each month. Do I apply this payment to the Expense account for the specific credit card I am entering the payment for? This way the payments entered offset the charges entered? Thank you!!
Hi, you are a great teacher! Please if you let me know how to undo a payment made on a credit card by mistake, I just started to reconcile my CC thank U!!!! please help me out
Hi Julio,
You can void the credit card payment made by mistake.
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Have a great day!
Ireland
Team Candus
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Awesome video. I have been writing a check where it says to, and you mention that will mess with accounts payable. How can I clear it up and do it the right way?
Kathy,
It only messes anything up if you've also created a "bill" in QuickBooks.
Did you create a bill?
Candus
Candus, Love your videos. I'm in the process of going back to correct all kinds of mistakes I made in quickbooks. I created account for my credit card but made a mistake on the beginning balance. How can I correct my beginning balance? Thanks, Tony
Thank you Candus, my books are so screwed up, I'm trying to go back over the last couple years and make it right. I really appreciate being able to come here and look for answers you provide, thank you so much, Tony
hello Candus, if you could please do a video on how to fix profit and loss report net income section is negative
Hi Lucas,
Thanks for your question, I've added it to our list. Once a month, Candus picks the top 10 questions and answers them Live on her FB page.
If you haven't subscribed to Candus's Tips & Tricks yet, here is the link to join: canduskampfer.com/tips we'll send a reminder for her next Live top 10 answers.
If you would like to follow her on Facebook click here: facebook.com/CandusKampfer/
Thank you for being part of Candus' community!
Elaine - Team Candus
P.S. If you need help with QuickBooks, join her Getting Started with QuickBooks workshop, here is the link to save your seat: canduskampfer.com/getting-started/