Tutorial #QB8-7: Using a Credit Card

Intro: Whenever you make a charge on your credit card, you should record the amount in your QuickBooks records. Not only is the expense recorded immediately in your accounting records, the amount you spend is also treated as a payable, so your company financial information is completely up to date.

Step 1: Enter Credit Card Charges
Open the Banking menu and choose Enter Credit Card Charges. The window of the same name will appear.

Step 2: Choose Credit Card
Click the arrow in the Credit Card field to choose your credit card from your account list. QuickBooks will display the current balance on the credit card you choose.

Step 3: Choose Charge or Credit
Indicate if you are entering a charge (purchase) or a credit (refund) by clicking the appropriate button.

Step 4: Enter Vendor
Enter the name of the vendor from whom you made the purchase in the Purchased From field. You can click the arrow in this field to choose from your master list of vendors, or you type the vendor name from the keyboard. If this is a new vendor, you will be asked to set up the vendor before you can record the charge.

Step 5: Enter Date
Enter the date on which this transaction occurred.

Step 6: Enter Amount
Enter the total amount of the transaction in the Amount field.

Step 7: Enter Detail
Enter the detailed information about the credit card charge in the bottom area of this window by clicking on either Expenses or Items, depending on whether you are recording an expense or recording the purchase of an item.

In the fields provided, enter the account to which the expense or item should be charged, the amount, and an optional memo. You can pass this expenses through to a customer by entering the customer:job information in the field of that name.

Step 8: Record the Charge
Click the Save & Close button to record your charge and close this window, or click Save & Next to enter a new charge.