Quickbooks 2020 Tutorial for Beginners - How to Enter Credit Card Charges

QBUniversity.org - In this Quickbooks 2020 tutorial for beginners I walk through how to enter credit card charges.
There a couple of different ways to enter credit card charges in Quickbooks, but the ultimate goal is to make sure you get them entered, assigned to the right account, and with the right date. In this Quickbooks 2020 video, I show you the basics of how to enter credit card charges the right way so that your books are correct and you get the maximum tax deductions.
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[@lauraaquim1233]

Hello, first Thank you for your videos I have to add a credit card, but I am not sure if the opening balance is the statement balance or the line of credit. can you help me please Thank you

[@QbuniversityOrg]

It’s the statement balance

[@Shalom2479]

I downloaded my cc statements and than reconciled each month, was that the incorrect way?

[@QbuniversityOrg]

Sounds right to me!

[@patriciastevens5870]

After reconciling 3 months' of credit card charges, found errors, had to UNDO credit card reconciliation, how to "RE-DO" reconciliation for credit card that will NOT put the balance owed into the Pay Bills Quickbooks window?

[@QbuniversityOrg]

When you are done reconciling and it asks if you want to make a payment now or enter a bill to pay later, Cancel that screen

[@pattyhyatt1439]

In my business I am Paying most or all of my expenses with credit card and paying in full all the time to CC. My bank connects and only show the actual CC payment as the expense. How do I categorize all the different expenses that I used my CC without it being doubled from the credit card and bank statment?

[@QbuniversityOrg]

You have to enter the credit card charges (do bank feeds for the CC too to enter them, then reconcile, then enter the bill and pay it

[@MasterTheNEC]

How do I do it when you connect your credit card to quickbook pro? I see Payee and Account in the Banks and Credit cards form. Just not sure where to apply them

[@QbuniversityOrg]

What screen are you on the bank feeds?

[@MasterTheNEC]

I have connected my Credit Card Bank with Quickbooks Pro Desktop. It has successfully downloaded all my credit card transactions. However, the payee and accounts are simple as that's just expenses. It's the "payments" that is throwing me...what "account" do you choose for the payment, I assume the checking account...but what about the "rewards" that you apply that never are in your checking? Do you choose the same credit card account you setup ...thats my quandary

[@deepab.montanez9882]

hi, Can I enter a credit card as a bill? and break up the expense on the bill?

[@QbuniversityOrg]

You can as long as you are paying off the full balance

[@adamjohn6966]

@Darkteckh on telegram is a real vendor I can’t believe my eyes that man too real Go on his telegram He sell credit card with high balance🎃🎃🎃💀💀💀

[@philesq]

Should I bother to reconcile credit cards when I have all my cards set to auto pay the full balance every month?

[@marianar3710]

Hello. I am doing the bookkeeping for a company for the first time. When I write a check from the checking account to the credit card and enter credit card charges just how you did, it deducts double the amount. What am I doing wrong?

[@QbuniversityOrg]

If you write the check and put it against the CC account in QB that’s all you need to do. It’ll show up on the next recon. No need to enter it again anywhere else.

[@louietoltolvlog9699]

Is there other case we select an items in enter credit card charge ?

[@nmuck2672]

Hello, came across this tutorial while looking for how to do something else and realized that I've been entering my credit card THE WRONG WAY. Can you recommend what I can do to rectify? Thanks

[@QbuniversityOrg]

N Muckenfuss I guess it all depends on what’s wrong with them. It may be a pain to go back and fix them all. It just depends

[@nmuck2672]

@@QbuniversityOrg I was entering the statement as a bill. I want to start doing it the right way. I set up the Credit card in chart of accounts, but am not sure if I should enter an opening balance. I just got my latest cc statement and want to do it right going forward.

[@deltadocumentservices3160]

My credit card company stopped offering the obo file for statement charges. How do I import the charges via spreadsheet or csv file?

[@QbuniversityOrg]

Do they offer an iif file? You can use something like Transaction Pro importer or Sasant

[@dawncapozzo5729]

Hi, If you have multiple credit cards for employees under a main credit card account, how do you reconcile that ? do you do it by each individual or just the main acct if you import from your banking site?

[@QbuniversityOrg]

You can actually just do the main account

[@louietoltolvlog9699]

@@QbuniversityOrg Is there other case we select an items in enter credit card charge ? What if company buys a new copy machine $1000 with a credit card? It is an fixed asset or other asset? Do I just choose an expense to record ? What if company buys a new inventory to sell with a card, do I choose items for inventory In enter credit charge?

[@lulumarie7493]

I am helping a business owner with his books and he has an Amex that he uses for many charges that are assigned to different companies. It’s taking so long to categorize everything. What would you ask him to do or what’s the easiest way to get through this data?

[@QbuniversityOrg]

Maybe if you have some leverage over him to get it done, like letting him know he will pay less taxes or something? Otherwise hound the crap out of him

[@naphotography]

How do you enter the credit card merchant direct deposit to your bank in QB for income?

[@QbuniversityOrg]

NA Photography this video here is about credit card expenses. For deposits you would need to match up the deposit to the invoices or sales receipts you have so you can offset them, less any fees they take out

[@mdeksteinsr]

What if i entered everything in my register? Expenses and payments.

[@QbuniversityOrg]

That should work too as long as everything reconciles.

[@joobeehughes3781]

Is there a way to pull a report just for the credit card transactions?

[@QbuniversityOrg]

Yeah you can just pull up a balance sheet and click on the credit card number and it will show you all the transactions

[@bringyoga2u]

How to show cc’d payments especially if you pay a few payments each a month

[@QbuniversityOrg]

Just put all the payments to the cc register then reconcile at the end of the month with the statement

[@titica4u2010]

@@QbuniversityOrg Hello. If you add the payments to cc register how should those payments be set up on the chart of accounts? For example: if we add it as Credit Card Payment, should we put it under credit card ?

[@QbuniversityOrg]

@@titica4u2010 if you add a payment to the register you would put the account as wherever the money is coming from (checking etc).

[@QbuniversityOrg]

Feel free to add a comment or ask a question here!

[@emilyferrante1779]

Where is the tax captured on the purchase ?

[@chimebank5823]

The only real vendor I found on here is *Cardermanager2* on telegram, that man is good for real 😳 I got my credit card from him with bank log's