Mindset for QuickBooks: How to Enter Credit Cards and Reconcile
Vložit
- čas přidán 6. 08. 2024
- Time to talk “Credit Cards.” 🙌
The best thing to do is to grab your credit card statement and enter each transaction.
In this Mindset for QuickBooks: How to Enter Credit Cards and Reconcile video, you will learn how to add a credit card, enter the charges and apply your payments inside QuickBooks Pro.
Get the entire Mindset Series in your inbox, visit: CandusKampfer.com/quickbooksmi...
➡️ Steps to Setting Up Your Credit Card
**Recommended to separate Personal and Business Credit Card
Go up to “Lists”
“Chart of Accounts”
Go down to the bottom & click “Account”
“New”
Choose “Credit Card”
Click “Continue”
“Account Name”
“Enter Opening Balance…” **If you already had a balance
Click “Save & Close”
**Grab your Credit Card Statement
Go up to “Banking”
“Enter Credit Card Charges’
Or
Go to “Enter Credit Card Charges” in the home screen
Select “Credit Card”
Choose “Purchase/Charge” or “Refund/Credit”
“Purchased From”
“Date”
“REF NO” (Optional)
“Amount”
“Memo”
Under “Expenses” Tab,
Enter “Account”
“Amount”
“Memo”
“Customer Job”
“Billable”
“Class”
Click “Save & Close”
➡️ Checking Entered Credit Card Transactions
Go up to “Lists”
“Chart of Accounts”
Find your credit card
Double click to open it
You’ll see your new transactions
➡️ Enter Credit Card Payment
**Go to Write Checks or Check Register
Go to “Write Checks”
Pick your “Bank Account”
Enter “No.”
“Date” (Date you paid it)
“Pay to order of”
“$” amount
“Expenses” Tab
“Account”
“Amount”
Click “Save & Close”
➡️ Reconcile Credit Card
In the home screen, choose “Reconcile”
Choose “Account”
“Statement Date”
“Ending Balance”
“Finance Charge”
“Date”
Click “Continue”
Checkmark charges & payments
Check Details
“Difference” should be Zero
Click “Reconcile Now”
“Make payment” screen will show
Click “Cancel” (recommended)
“Select Reconciliation Report” screen will show
Summary
Detail
Both
Click “Display”
Go up to “Print”
“Report” or “Save As PDF”
**Hide transactions after the statement’s end date
- anything after the transaction period will disappear
**Click Modify - if you need any adjustments
➡️ The benefit to entering each transaction:
1. You can look each transaction up under the Vendor Center. Giving you a quick reference and to make any adjustments.
2. You can also pull and print Vendor Reports for extra information.
3. Makes reconciling much simpler.
Recommendation: Taking the time to reconcile each month will simplify tax time, and you can verify all transactions have been entered.
Don’t forget to enter all your credit card charges, cash receipts, and reconcile loans. This is a great way to verify your numbers.
Timestamps:
0:00 - Intro
1:27 - How to Enter and reconcile credit cards in QuickBooks?
7:36 - Credit card in the chart of accounts
8:14 - Applying payments
11:26 - Reconcile credit card
14:18 - Reconciliation Summary/ Reconciliation Summary
15:37 - Final Thoughts
Need to learn more areas of QuickBooks? Join us on our next workshop to learn how to design QuickBooks for your specific business...
➡️ CandusKampfer.com/workshop
Receive our QB tips straight to your inbox each week visit:
➡️ CandusKampfer.com/tips
Subscribe here for more QuickBooks tips
➡️ czcams.com/users/CandusKampf...
I’d love to connect with you 👇
Instagram: / candus.kampfer
Facebook: / canduskampfer
CandusKampfer.com: canduskampfer.com/
TikTok: / canduskampfer
Pinterest: / canduskampfer
#CandusKampfer #QuickBooks
Your videos were so helpful. I got stuck on a credit card issue and this solved it!
this is gold
Thank you, Nino! We're glad that this video helped you 😊
Have an amazing day!
Elaine
Team Candus
P.S. We’d love to connect with you! Find us on ↓
Instagram: instagram.com/candus.kampfer
Facebook: facebook.com/CandusKampfer
TikTok: www.tiktok.com/@canduskampfer
Wow, the best instructor ever. I do really appreciate you. Your videos helped me a lot
Yay! Great to hear that Basma 😊
Thank you for being part of Candus' community!
Elaine - Team Candus
P.S. If you would like to follow her, click the links below ↓
*Facebook:* facebook.com/CandusKampfer/
*Instagram:* instagram.com/candus.kampfer
To pay a card, do I use write a check ? (Not pay bills?)
Thank you for watching our videos 😊
I will add your question to the list Candus uses to create new QuickBooks tips each month.
The best possible way for you to receive support from Candus is to register for and attend her workshop.
Here is the link to register to attend: canduskampfer.com/workshop
Have a great day!
Kindra ~ Team Candus
P.S. We’d love to connect with you! Find us on ↓
Instagram: instagram.com/candus.kampfer
Facebook: facebook.com/CandusKampfer
TikTok: www.tiktok.com/@canduskampfer
Hi Candus, Great videos ! I have a reconciliation discrepancy issues. I am trying to reconcile a Country Club account (paid with a corporate credit card on a monthly basis). I was taught to reconcile the Country Club account first, create a bill, and then pay it with the company's credit card. As soon as it gets paid with a credit card, next is to reconcile the Corporate Credit Card. Unfortunately, I made a mistake of not reconciling the country club account first; no bill was created and did not pay it with the company's credit card. What my mistake was, (like what I said) I did not reconcile the country club account first, went ahead and created a bill and then paid it with the company's card. So when the country club statement came in and it was time for me to reconcile... the cc payment did not show up under the debit side. Anyway, long story short, I cannot find the payment that I paid with the company's credit card when I was reconciling the Country Club's account. I deleted the bill and the payment that I first created and now, I really don't know how to fix it. Once I messed up the country club account reconciliation, the corporate credit card reconciliation is affected. I hope I am making sense and not confusing you. I am really new with QuickBooks and pardon me if I did not make myself clear. Your help will be greatly appreciated.
Thank you very much for your reply. Let me try starting over.
Is debit card and credit card the same thing. If not, how do you a debit card transaction?
Hi, do you have a video, showing how to add cc charges to a pre-existing QB account? I've never reconciled the cc acct but now it looks like I need to go back and add the cc charges for 2022. I've always created a Bill for the cc payment, and it looks like I've been doing that wrong, too.
Hello! This video might be helpful for you:
czcams.com/video/FLTW-BCUWec/video.html
The quickest way to enter just the cc charges would be to take your statement and enter them directly into the credit card register.
Have a great day!
Kindra ~ Team Candus
P.S. We’d love to connect with you! Find us on ↓
Instagram: instagram.com/candus.kampfer
Facebook: facebook.com/CandusKampfer
TikTok: www.tiktok.com/@canduskampfer
Pinterest: pinterest.com/canduskampfer/
@@CandusKampfer Thank you! I am here now re-watching it again.
So helpful. I have credit card primary and 4 sub accounts. Do I ebter statement charges per account? I’m guess then it will all feed or rather TOtal all to hell he primary and I reconcile with that? Please advise.
Thank you for watching the video!
Due to the large volume of questions and emails we receive daily, Candus isn’t 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, excellent videos. I have learned so much with you. I have a question. I overpaid my credit card; I paid 2x the same amount on the same statement. However my ending balance is the total of my purchases, cleared balance is total purchases minus 1x payment, and the difference is negative 1x payment. How do I reconcile if the balance isn't 0.00?
I’m glad my videos have helped you. 😊
The key is make your ending balance and all transactions the same as your statement.
If it shows over paid you’d enter a negative number.
Have a great day!
Candus
Hi, how do you match the credit card payment to match with my bank transactions? I am using the qb2018 desktop version. I am having trouble matching the downloaded payments. I always pay my credit cards in full. It still won’t match or memorize them.
Candus Kampfer Hi, I am not creating a bill or invoice. I am just trying to match it with the bank account bank feeds. I think thats the way I have always done it.
How often do I have to enter credit charge on QB?
For instance, today I bought something online Office Depot by credit card. Do I need to enter it immediate on QB or after I get a card statement?
I see you are now taking about it.
So you recommend to enter a credit charge every time I have a receipt of card. Thank you.
Hi
,
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/
Candus Kampfer I appreciate a quick response.
I am setting up a credit card that already has a balance. How do I set this up? Each time I try follow instructions from online, I end up doubling my balance.
I am experiencing this same problem but don’t see that you got an answer??
Hi, I tried to open a credit card account in my quickbooks with an balance owed by the owner but I couldn't do it.
Hi Maria,
I'll make sure your question is added to Candus' list of future Tips & Tricks ideas.
If you'd like to make sure you get our weekly tips, you can join here: canduskampfer.com/weeklytips
Have an amazing day 🙂
Elaine
Team Candus
P.S. We’d love to connect with you! Find us on ↓
Instagram: instagram.com/candus.kampfer
Facebook: facebook.com/CandusKampfer
TikTok: www.tiktok.com/@canduskampfer
@@CandusKampfer can you do a tutorial of credit cards only? I have so many questions, 😩. Thank you!! 😊
How do you reconcile your credit card statements if you have cards that you've used for both personal and business expenses?
Thank you for watching the video!
Due to the large volume of questions and emails we receive daily, Candus isn’t 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