- In quick books on line for mac enter credit card charges 2017 how to#
- In quick books on line for mac enter credit card charges 2017 plus#
That’s how you’re going to set up your credit cards. This number will go up or down based on any checks you’ve written to make payments or the expenses that will come out of that account. Now, (when you make the payment for the Visa card), this is the account you put it to right here. I’m going to go ahead and just say No. Now, you’ll see your Visa card here and you have a balance of $1,000. We are going to talk about that a little bit later. Now, when you set this up, it will ask you if you want to set up your online services.
I’m going to click OK and I’m going to Save & Close. And then, I’m just going to say that my start date is January 1 st of 2023. I’m just going to say as of my start date.
What you need to do is get out your credit card statement for the month (when you’re beginning your company file) and put in the ending balance from that previous month, or the beginning balance from the current month. You do not need the credit card number, but you will need an opening balance. Here’s a place for the description which is totally optional. You would put in your general ledger number if you had one. If I wanted to say: “Operating Card, Visa”, it does not matter. I can name this anything I want! If I wanted to say: “Credit Card”. Here’s where I’m going to name the account. I’m just going to right click anywhere and choose the New option ( Credit card is one of your choices). Let me go back to the Chart of Accounts and we’re going to set up a Visa card.
In quick books on line for mac enter credit card charges 2017 how to#
But, I want to go back up and talk to you about how to set up those credit card accounts. Now, we’re going to do that in the next section. And this is where you’ll enter all the individual charges. On your Home screen, you’ll notice that you have an Enter Credit Card Charges button. Here’s the correct way to work with credit cards. And is not the right way to do this! So do not enter these as bills at this point. And, it just becomes a snowball that grows and grows and grows and will never go away. Because of $300 of those, you broke out on the first bill. Then the other problem is you wouldn’t be able to break out all the expenses.
In quick books on line for mac enter credit card charges 2017 plus#
Here’s where you get in trouble because QuickBooks will think you owe the $600 plus (the $300 from this first bill). So, let’s just say it said you owed $600 total. Next month, when your statement comes in you would enter a second bill and it’s going to say that you owe $300 plus (whatever you charged that month). Let’s say, you only pay $700 towards this, meaning that you owe $300. Now, at this point you would be okay, but here’s where the problem comes in. Then, break out all your expenses so that they total $1,000. What would end up happening is you would put $1,000 right here, and then you would come down here. Then, you go over to QuickBooks, and you enter it as a “bill”, just like we’ve seen. Let’s say, you have a credit card statement and it says you owe a total of $1,000. You don’t want to do that because here’s what happens. The other thing I see people do is they will actually get their Visa statement in the mail and they will actually put it in as a bill. And these credit cards are actually liabilities to your business in a way because you owe them. Number one, you don’t want to do that because you don’t know how much you owe on the credit card. I see people (go ahead and put each transaction) that they’ve charged in as an expense account. I see people do that are wrong in QuickBooks often. The reason you want to set these up this way because you want to be able to see at any time what the balance you owe is on that credit card. If you notice here, they have a QuickBooks credit card and a Cal Oil credit card. They have a few just to show you how this looks. What you want to do in QuickBooks is go ahead and set up each credit card as a separate account in the Chart of Accounts. In order to do this the in the correct way, you need to have your credit card accounts set up in your Chart of Accounts. And then, we’ll talk about how to enter those transactions in those particular accounts. This is all about the business purchasing items with the credit card. This has nothing to do with customers paying you with credit cards (when you invoice them). We’re talking about credit cards that your company uses to purchase items for the business. In this particular module, I want to talk to you about working with credit cards. Well, we’ve made it all the way down to module nine now. Microsoft Visio 2010 – 9 Hours Video Training.
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