Episode 11: Tracking Credit Cards In QuickBooks
I got a couple of email questions about using credit cards so I thought that would be a good topic for this week. It’s very similar to the process of entering bills and the credit card account can be thought of as another accounts payable account. You enter all of your credit card transactions and can then reconcile your QuickBooks against the credit card statement to make sure you haven’t missed anything.
Hi there! I'm Mike. I am a CPA and an Advanced Certified QuickBooks ProAdvisor. I teach QuickBooks locally in classrooms and do one-on-one training sessions. I created this site so I could extend my teaching to more people and offer them the best support possible.
I’s very informative. Thank you very much!
Ishtiaq
Thank you ! Very helpful!!!
thank you so much.it has been very helpful.thanks a lot.
I have just discovered your website and am loving all the wonderful information that you are sharing. I have downloaded all my account information from American Express and have recorded most of the entries into my Quickbooks. My question is what account would you recommend that I use to match up any payments that I am making on my bill.
Thanks!
Hi Florence,
If I am understanding you correctly, you downloaded all of your credit card charges from American Express and now you need to record the payments that you have made to American Express (to lower the credit card balance). When you record the payment to American Express (either through the “Write Checks” screen or directly in the checking account register) you should choose the American Express account (it will be a “credit card” account type). This will lower the balance in the account.
All of the individual charges will increase the balance in the American Express account and all of your payments will lower the balance.
Hopefully this helps. Please let me know if you have other questions or if I didn’t understand your situation correctly.
Thanks!
Mike Debyah