Recording transactions and credit card payment is a necessary task in QuickBooks so that you can follow up on your business financials and other expenses. By doing so, you can prepare the fiscal report by the end of every financial year. If you are unsure about the right procedure, we will help you to understand how to record credit card payments in QuickBooks Online and Desktop.
In this blog, we will draw your attention to a number of ways of recording a credit card payment in QuickBooks. The blog covers the following:
Although there are different ways to record credit card payment in QuickBooks, we are providing the most convenient ways to get the job done.
To learn how to record credit card payments in QuickBooks Desktop, you will have to add the credit card charges and reconcile the credit card payment in QuickBooks Desktop.
To record the credit card charges in QuickBooks Desktop, you are required to select your credit card account, choose the vendor, add the necessary details, pick the items or expenses to track.
Here, we are specifying step by step guidance:
It is suggested to reconcile your credit card before you write the check. All you have to make sure the difference becomes zero.
Note: If you don’t see the difference as Zero, this indicates you have been making mistakes while performing the previous steps. You can recheck the steps and perform the same steps until the difference is zero.
Once the difference becomes zero and the credit card account balanced, you can proceed with the reconciliation process. Thereafter, you can continue with writing a check for payment. This is the whole procedure for how to record a credit card payment in QuickBooks desktop.
QuickBooks recently released a feature called Pay Down a Credit Card. This makes your process easy to record credit card payment in QuickBooks Online.
Earlier to this, users were having confusion between selecting which credit card account they are paying or the account that funds a credit card to create payments. But, using this dedicated feature, you can diminish your confusion.
Besides that, there are a number of ways to record credit card payments. Let us teach you the procedure of QuickBooks online record credit card payment in different ways.
In QuickBooks Online, you can navigate through the Pay down credit card feature and add the card details to record your credit card payments.
Tip: If you want to check the credit and debits in the transaction then you should enable this Transaction Journal option. For this, you will have to go to the More option located at the bottom and then choose the Transaction Journal.
To record credit card payment in QuickBooks Online, you can also use a cheque. All you have to do is create a cheque by adding the relevant information.
This is how you can record credit card payment in QuickBooks Online. Make sure that you enter the correct details for your cheque while performing these steps.
Payments can also be recorded through the bank transfer. All you are required to do is create a transfer, select your bank, choose the credit card, enter the amount, and save the details.
Once done recording a credit card payment in QuickBooks, you can reconcile the credit card. Because only after reconciling the credit card, you can make a payment transaction.
There are different ways of recording a credit card payment in QuickBooks. In this guide, we have shown you the best possible ways for how to record credit card payments in QuickBooks Online and Desktop.
For instance, in QuickBooks Desktop, you can simply enter the credit card charges and reconcile the credit card. On the other hand, in QuickBooks Online, you can opt for a pay down credit card feature. By creating a cheque or transfer, you can also record the credit card payments in QuickBooks Online.
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