Episode 11: Tracking Credit Cards In QuickBooks

November 4, 2009 By 15 Comments

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.

This post was written by Michael Debyah.

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Comments

  1. Dr. Ishtiaq Rao says:
    February 15, 2010 at 1:08 PM

    I’s very informative. Thank you very much!

    Ishtiaq

  2. Z.Sophia says:
    April 3, 2010 at 2:44 PM

    Thank you ! Very helpful!!!

  3. teresa says:
    April 23, 2010 at 9:16 AM

    thank you so much.it has been very helpful.thanks a lot.

  4. Florence says:
    June 1, 2010 at 8:32 PM

    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!

  5. Mike says:
    June 1, 2010 at 9:20 PM

    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

  6. Y Sanchez says:
    August 28, 2010 at 3:09 AM

    This is so helpful. Thank you so much for sharing.

  7. Mike says:
    August 28, 2010 at 9:31 AM

    You’re welcome! I’m glad that you find them useful.

  8. brad. says:
    November 15, 2010 at 1:22 AM

    Good explanation of the credit card entry, reconcilation, and bill pay correlation! thank you !

  9. Joel says:
    December 16, 2010 at 12:31 PM

    Thanks, this was very helpful to me

  10. Aaron says:
    January 13, 2011 at 12:58 AM

    Thank you so much for the wonderful video. I have been searching for the answer to this for a while and your explanation made it so easy to understand. I am now a HUGE fan of your site and will make it my first stop anytime I have a QB question!

  11. JEAN says:
    June 3, 2011 at 11:49 PM

    YOUR VIDEO WAS SO HELPFUL! THANK YOU SO MUCH FOR TAKING THE TIME IN CREATING THIS WONDERFUL VIDEO. i GOOGLED MY QUESTION AND YOUR WEBSITE SEEMED TO HAVE THE BEST “FIRST WORDING” FOR AN ANSWER. YOUR WEBSITE IS NOW AT THE TOP OF MY “FAVORITES”.
    THANKS AGAIN,
    JEAN

  12. Mike says:
    June 4, 2011 at 1:19 PM

    Thanks Jean, I’m glad I could help.

  13. Eric says:
    October 1, 2011 at 2:57 PM

    Thanks, so much for the information. I am trying to use my Quickbooks on my own to balance my business accounts but, I have been having difficulty trying to figure out the best way to separate individual charges to certain business expense accounts. This was very helpful. I will watch the video again, then attempt to set my system up to track the expenses as you’ve laid it out. Again Thanks. Eric

  14. Anissio says:
    October 28, 2011 at 11:13 PM

    Good Job Mike!!!

  15. Cindy Brothers says:
    October 31, 2011 at 6:16 PM

    Thanks so much- very informative and helpful!!! I have been struggling with this whole credit card thing- and trying to make things easier… this has definitely helped.

    Cindy

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