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Check off all transactions that appear on your credit card statement. In this screen, charges appear on the left side, payments and credits on the right. Enter any finance charges and specify the appropriate date and corresponding expense account.Select the Credit Card Account in the Account field.This process is completed in the same manner as reconciling a bank account. Now that you have your transactions entered and have received your monthly credit card statement you will want to reconcile your credit card account. You also have the option to select whether you are entering a purchase/charge or a refund/credit. You will note that the Credit Card Purchase/Charge window is very similar to the Write Checks window.
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At the Credit Card Purchase/Charge window.Once you have your credit card accounts set up, you can begin to enter credit card charges either as they occur or when the statement is received. (This should be the ending balance from your last credit card statement) Enter the account name and the opening balance.Select “Credit Card” as the account type and click continue.In the bottom left corner select Account > New.The first step is setting your credit card accounts correctly in the Chart of Accounts: Note: The first time you select the “Download Card Charges” you will be directed to the “Online Banking Setup Wizard.” You can do so by selecting the “Download Card Charges” from the top of the Credit Card Purchase/Charge screen. QuickBooks reviews your previously entered transactions to avoid duplication. You can download credit card transactions directly from your credit card company and save time. Either method will allow you to reconcile the account just as a bank account would be. Reconcile your credit card statement each monthĬredit Card transactions can be entered as they occur, when the statement is received or even downloaded.Track the liability for any balance carried.Ensure all transactions/expenses are recorded.There are different ways to record your credit card transactions however the method outlined is preferred and will help to: QuickBooks provides an efficient and effective way to manage and reconcile your business credit cards. Third Party Administration - Retirement Plans.