Learn how to write credit card payment in QuickBooks

​QuickBooks hosting is one of the most popular accounting software that is used by both small and medium-sized businesses along with accounting professionals.

In the modern era, people have become more serious about accounting and especially if they are running any type of business. There is no doubt in the fact that accounting is a complicated process, especially if you are running a business but thanks to the modern era of accounting software solutions that people have started managing their accounts in the easiest possible way.
But instead of using QB by installing it on desktop, people have now started using QuickBooks accounting software on the cloud platform. This is known as QuickBooks cloud hosting. There are many advantages of using the cloud version of QB on the cloud and this is one of the main reasons why so many businesses are using the QuickBooks Enterprise hosting instead of just using the desktop version of the most popular accounting software. You should know that with the cloud hosted QB, you will be able to unlock the power of cloud and take advantage of the user-friendliness of UI of your desktop installed QB.

Recording credit card payment in QB

There are many accounting tools of QB that you need to learn and if you are not able to utilize some of the most important features of the cloud hosted QuickBooks then you will never be able to make the most of this advanced accounting solution. Although there are many accounting features that come along with the hosted QB solution but in this blog post, we are going to talk about how you can write credit card payment in QB so that you can ease the payment process and avoid any type of hassle.

In order to minimize the confusion, QB has come up with a very simplified and easy way to write credit card payment and this is what we are going to discuss in this blog post.

You should know that there are various different ways of recording credit card payment in QB and after analyzing all the different ways, we have come up with the easiest way to record credit card payment in QB. You don’t need to be an accounting expert in order to record credit card payment in your QB accounting software.

Using enter credit card charges

• First of all, you will have to choose the Banking menu from the tab located at the top of your QB screen.

• Then a long list will appear on your screen and you will have to choose the option of Enter Credit Card Charges from that list.

• Now, a new window will pop up in front of you and you will have to choose the first option of Credit Card account.

• You should know that the Purchase/Charge option comes selected by default but you will also get the other options like if you want to refund the credit then you can select another option.

• Now, from the drop down menu, you will have to choose Purchased form.

• Put the date

• You can add any kind of extra information it the memo section

• Finally, you will have to enter the Expense or the type of item you want to track in the respective tab.

• Choose Save and Close

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So, this is the complete process of how you can easily write off credit card payment without any hassle. As you can see, you can easily write off credit card payment in QB in just a few simple steps and you don’t need to be an accounting expert in order to do so.

Reconcile Credit Card Account

If you will go with the saying of experts then you should always reconcile credit card account before writing a check. It is recommended by experts to reconcile credit card account before writing a check because it will make it easy to record the payment and even the chances of any type of error in credit card account will be nullified.

Below is the simple step by step process of reconciling Credit Card Account in your QuickBooks accounting software.

• First of all, you will have to choose Banking from the tab that is located at the top of your QB screen.

• After that, you will get a long list of options and you will have to choose the option of Reconcile.

• Now, choose the credit card account that you are planning to reconcile from the Account drop down menu.

• Now, you will have to enter the date of the credit card statement in the Statement Due field.

• In the Ending Balance Field, you will have to enter the same amount as it is in the credit card statement.

• Now, you will be redirected to your bank reconciliation screen.

• At this screen, you will see the complete transaction of your card and you will have to make sure that these statements are matching with your credit card statement.

• You will have to continue doing this until the difference at the bottom of the screen becomes zero.

• And if you are not able to get the difference to zero then you must have made a mistake.
  

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• After making sure that the difference is zero, you can start reconciliation.