In QuickBooks Desktop products click Banking in the menu bar and then Enter Credit Card Charges. For Category select the expense account that pertains to the specific transaction (e.g., office supplies or meals). For Payment Account, select the credit card account created in the above step. To enter the individual detail of each transaction in QBO click the вЂњ+NEWвЂќ button and then Expense. You will not know how much you spent with each vendor or have an accurate expense total per month since most credit card statements span calendar months.

If you just enter the lump sum due to the credit card company you miss out on all the detail of the individual transactions. Name the account and then click Save and Close. Choose Credit Card as Account Type and click Continue. In the lower-left of the new screen click Account and then New. In QuickBooks Desktop products click Company then Chart of Accounts. Then as shown above, for Account Type select Credit Card, give it a unique name (including the last four digits of the account number), and then select Save and Close. Click New in the upper right corner of the new screen. In QBO click the gear icon then Chart of Accounts. Set yourself up for success and create a new item in the Chart of Accounts. I have seen a lot of businesses just make the credit card a vendor, but that method leads to some of the shortcomings mentioned above. Set the Credit Card Up in the Chart of Accounts Using the method QuickBooks designed for credit cards addresses all of these shortcomings. Some of the methods technically work, but they leave something out whether it is accurate dating of the transactions, detail of the individual transactions or the ability to reconcile the account to the statement. Over the years I have seen many methods of recording credit card transactions.

Quickbooks download credit card charges