Comments on: 30 QuickBooks Tips In 30 Days-Day 6 http://www.fullcontactaccounting.com/30-quickbooks-tips-in-30-days-day-6/ The best way to learn QuickBooks, accounting and bookkeeping Tue, 31 Jan 2012 23:45:06 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Mike http://www.fullcontactaccounting.com/30-quickbooks-tips-in-30-days-day-6/comment-page-1/#comment-203 Mike Tue, 23 Aug 2011 02:48:16 +0000 http://www.fullcontactaccounting.com/?p=509#comment-203 Sorry it took me so long to get to this - I didn't see the comment in my notifications for some reason. If you enter the whole credit card statement as one single bill then you are probably missing out on the details of each transaction (vendor, date and amount). I assume you are lumping similar items together? Also, if you enter each individual charge throughout the month it allows you to maintain a current credit card balance in QB. If you don't need that level of detail then it probably is easier to do it your way, but I prefer to have the ability to see each charge individually. That way QB has all the information available for searching later on. Sorry it took me so long to get to this – I didn’t see the comment in my notifications for some reason.

If you enter the whole credit card statement as one single bill then you are probably missing out on the details of each transaction (vendor, date and amount). I assume you are lumping similar items together? Also, if you enter each individual charge throughout the month it allows you to maintain a current credit card balance in QB.

If you don’t need that level of detail then it probably is easier to do it your way, but I prefer to have the ability to see each charge individually. That way QB has all the information available for searching later on.

]]> By: Will http://www.fullcontactaccounting.com/30-quickbooks-tips-in-30-days-day-6/comment-page-1/#comment-202 Will Tue, 16 Aug 2011 16:06:54 +0000 http://www.fullcontactaccounting.com/?p=509#comment-202 Mike, Can you help me understand why entering a credit card bill in QBs shouldn't be treated the same as any other bill. I've been entering my credit card as a bill for years and just recently added another credit card and decided to enter this one the "right" way. I haven't noticed any benefit to it. BTW, I have my credit cards set on a calendar month, but even had I not requested this, I would just entered two payables to make sure the expenses appear in the proper accounting period. Thanks, Will Mike,
Can you help me understand why entering a credit card bill in QBs shouldn’t be treated the same as any other bill. I’ve been entering my credit card as a bill for years and just recently added another credit card and decided to enter this one the “right” way. I haven’t noticed any benefit to it. BTW, I have my credit cards set on a calendar month, but even had I not requested this, I would just entered two payables to make sure the expenses appear in the proper accounting period.
Thanks,

Will

]]> By: Mike http://www.fullcontactaccounting.com/30-quickbooks-tips-in-30-days-day-6/comment-page-1/#comment-198 Mike Mon, 27 Jun 2011 19:57:49 +0000 http://www.fullcontactaccounting.com/?p=509#comment-198 I'm not sure I understand your question. Why would you want to clear out the expense accounts? I’m not sure I understand your question. Why would you want to clear out the expense accounts?

]]> By: Mike http://www.fullcontactaccounting.com/30-quickbooks-tips-in-30-days-day-6/comment-page-1/#comment-197 Mike Mon, 27 Jun 2011 19:56:41 +0000 http://www.fullcontactaccounting.com/?p=509#comment-197 If you buy something with the credit card and get a receipt you then need to enter that charge under "enter credit card charges". You wouldn't enter it under "enter bills". I think maybe you are confusing the two procedures. So use the "enter credit card charges" function when you use the card to pay for things that you have not entered a bill for. If you are using the credit card to pay for something that you have already entered a bill for, use the "pay bills" function and choose the credit card as your payment method. If you buy something with the credit card and get a receipt you then need to enter that charge under “enter credit card charges”. You wouldn’t enter it under “enter bills”. I think maybe you are confusing the two procedures.

So use the “enter credit card charges” function when you use the card to pay for things that you have not entered a bill for. If you are using the credit card to pay for something that you have already entered a bill for, use the “pay bills” function and choose the credit card as your payment method.

]]> By: Mary http://www.fullcontactaccounting.com/30-quickbooks-tips-in-30-days-day-6/comment-page-1/#comment-196 Mary Fri, 24 Jun 2011 20:02:30 +0000 http://www.fullcontactaccounting.com/?p=509#comment-196 I understand the concept of entering each credit card charge seperately and positng to the respective expense accounts. How then do the expense accounts get cleared out? Does this happen when you make a payment or reconcile. Not used to posting charges this way and I want to make sure I understand the entire process. Thanks! I understand the concept of entering each credit card charge seperately and positng to the respective expense accounts. How then do the expense accounts get cleared out? Does this happen when you make a payment or reconcile. Not used to posting charges this way and I want to make sure I understand the entire process. Thanks!

]]> By: Crystal http://www.fullcontactaccounting.com/30-quickbooks-tips-in-30-days-day-6/comment-page-1/#comment-195 Crystal Fri, 24 Jun 2011 14:47:14 +0000 http://www.fullcontactaccounting.com/?p=509#comment-195 For instance if we pay at the counter with our credit card and I get a receipt for that but not an invoice and do I enter into the credit card charges or do I create a bill then pay bills and select the credit card. I just want it to all come out right. Thank you for your help. For instance if we pay at the counter with our credit card and I get a receipt for that but not an invoice and do I enter into the credit card charges or do I create a bill then pay bills and select the credit card. I just want it to all come out right. Thank you for your help.

]]> By: Crystal http://www.fullcontactaccounting.com/30-quickbooks-tips-in-30-days-day-6/comment-page-1/#comment-194 Crystal Fri, 24 Jun 2011 14:20:21 +0000 http://www.fullcontactaccounting.com/?p=509#comment-194 Yes it does thank you. So really there isn't a point in entering credit card charges through the credit card link directly? It will automatically put the charge on the credit card if we select the invoice to be paid by it? So technically the enter credit card charges tab really shouldn't be there except for interest charges and other fees right? Yes it does thank you. So really there isn’t a point in entering credit card charges through the credit card link directly? It will automatically put the charge on the credit card if we select the invoice to be paid by it? So technically the enter credit card charges tab really shouldn’t be there except for interest charges and other fees right?

]]> By: Mike http://www.fullcontactaccounting.com/30-quickbooks-tips-in-30-days-day-6/comment-page-1/#comment-193 Mike Fri, 24 Jun 2011 14:00:45 +0000 http://www.fullcontactaccounting.com/?p=509#comment-193 If you are paying a bill from a vendor with a credit card, don't enter it under "enter credit card charges". Instead, go to "pay bills", select the bill for payment and then choose the payment method as the credit card instead of the checking account. That will enter the credit card charge and tie it to the bill that was paid. I hope that helps answer your question. If not, please let me know. If you are paying a bill from a vendor with a credit card, don’t enter it under “enter credit card charges”. Instead, go to “pay bills”, select the bill for payment and then choose the payment method as the credit card instead of the checking account. That will enter the credit card charge and tie it to the bill that was paid. I hope that helps answer your question. If not, please let me know.

]]> By: Crystal http://www.fullcontactaccounting.com/30-quickbooks-tips-in-30-days-day-6/comment-page-1/#comment-192 Crystal Fri, 24 Jun 2011 13:56:47 +0000 http://www.fullcontactaccounting.com/?p=509#comment-192 If i enter an invoice for company x and that invoice was paid using the credit card and i go into enter credit card charges and enter it. it shows under that vendor x that i made a payment of that amount but doesnt attach it to that invoice to mark that invoice paid. So should I not enter the invoice? Please help. Thank you If i enter an invoice for company x and that invoice was paid using the credit card and i go into enter credit card charges and enter it. it shows under that vendor x that i made a payment of that amount but doesnt attach it to that invoice to mark that invoice paid. So should I not enter the invoice? Please help. Thank you

]]> By: Kim http://www.fullcontactaccounting.com/30-quickbooks-tips-in-30-days-day-6/comment-page-1/#comment-154 Kim Fri, 17 Dec 2010 18:09:13 +0000 http://www.fullcontactaccounting.com/?p=509#comment-154 Is there a significance to entering the sale/transaction date VS the posting date? I have always done the actual sale date, but ran into an accountant who goes by posting date. Is there a significance to entering the sale/transaction date VS the posting date?
I have always done the actual sale date, but ran into an accountant who goes by posting date.

]]> By: Mike http://www.fullcontactaccounting.com/30-quickbooks-tips-in-30-days-day-6/comment-page-1/#comment-144 Mike Tue, 28 Sep 2010 16:55:28 +0000 http://www.fullcontactaccounting.com/?p=509#comment-144 If you are looking at a Balance Sheet report or the Chart of Accounts list, then the credit card accounts should have a positive balance. It could go negative if you made an overpayment for some reason, but generally it should have a positive balance (which is actually a credit balance if you are looking at debits and credits). Any payments you make will be debits, which will lower the balance in the credit card account. If you are looking at a Balance Sheet report or the Chart of Accounts list, then the credit card accounts should have a positive balance. It could go negative if you made an overpayment for some reason, but generally it should have a positive balance (which is actually a credit balance if you are looking at debits and credits). Any payments you make will be debits, which will lower the balance in the credit card account.

]]> By: Luciana http://www.fullcontactaccounting.com/30-quickbooks-tips-in-30-days-day-6/comment-page-1/#comment-143 Luciana Tue, 28 Sep 2010 16:48:01 +0000 http://www.fullcontactaccounting.com/?p=509#comment-143 Hello, And if you don't pay the total balance? I am confuse that the balance when you enter is positive right? We changed accountant and the balances came negative? Is this right? Hello,
And if you don’t pay the total balance? I am confuse that the balance when you enter is positive right? We changed accountant and the balances came negative? Is this right?

]]> By: Mike http://www.fullcontactaccounting.com/30-quickbooks-tips-in-30-days-day-6/comment-page-1/#comment-133 Mike Sat, 28 Aug 2010 13:30:31 +0000 http://www.fullcontactaccounting.com/?p=509#comment-133 I would enter the credit card charges using the "Enter Credit Card Charges" function. You can see my lesson on it here: <a href="http://www.fullcontactaccounting.com/episode-11-tracking-credit-cards-in-quickbooks/" rel="nofollow"> Tracking Credit Card In QuickBooks</a>. You need to have a credit card type of account created first, which is a liability account similar to Accounts Payable. I would enter the credit card charges using the “Enter Credit Card Charges” function. You can see my lesson on it here: Tracking Credit Card In QuickBooks. You need to have a credit card type of account created first, which is a liability account similar to Accounts Payable.

]]> By: Y Sanchez http://www.fullcontactaccounting.com/30-quickbooks-tips-in-30-days-day-6/comment-page-1/#comment-131 Y Sanchez Sat, 28 Aug 2010 06:04:25 +0000 http://www.fullcontactaccounting.com/?p=509#comment-131 Thank you for the great tip! Do you enter the credit card transactions in the credit card field or do you enter them in general journal? If charges are entered in credit card section, are they automatically credited to accounts payable? Thank you! Thank you for the great tip! Do you enter the credit card transactions in the credit card field
or do you enter them in general journal? If charges are entered in credit card section, are they automatically credited to accounts payable?

Thank you!

]]> By: Christian http://www.fullcontactaccounting.com/30-quickbooks-tips-in-30-days-day-6/comment-page-1/#comment-118 Christian Mon, 26 Jul 2010 16:28:18 +0000 http://www.fullcontactaccounting.com/?p=509#comment-118 Hi there Mike, I love this tip. What advice can you give on using personal credit cards and recording transactions for that, as well as handling the payment of those individual credit cards, or reimbursements? Hi there Mike,

I love this tip.
What advice can you give on using personal credit cards and recording transactions for that, as well as handling the payment of those individual credit cards, or reimbursements?

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