Mindset for QuickBooks: How to Enter Credit Cards and Reconcile

Time to talk “Credit Cards.” 🙌

The best thing to do is to grab your credit card statement and enter each transaction.

In this Mindset for QuickBooks: How to Enter Credit Cards and Reconcile video, you will learn how to add a credit card, enter the charges and apply your payments inside QuickBooks Pro.

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➡️ Steps to Setting Up Your Credit Card
**Recommended to separate Personal and Business Credit Card

Go up to “Lists”
“Chart of Accounts”
Go down to the bottom & click “Account”
“New”
Choose “Credit Card”
Click “Continue”
“Account Name”
“Enter Opening Balance…” **If you already had a balance
Click “Save & Close”


**Grab your Credit Card Statement

Go up to “Banking”
“Enter Credit Card Charges’

Or

Go to “Enter Credit Card Charges” in the home screen
Select “Credit Card”
Choose “Purchase/Charge” or “Refund/Credit”
“Purchased From”
“Date”
“REF NO” (Optional)
“Amount”
“Memo”
Under “Expenses” Tab,
Enter “Account”
“Amount”
“Memo”
“Customer Job”
“Billable”
“Class”
Click “Save & Close”


➡️ Checking Entered Credit Card Transactions

Go up to “Lists”
“Chart of Accounts”
Find your credit card
Double click to open it
You’ll see your new transactions


➡️ Enter Credit Card Payment

**Go to Write Checks or Check Register

Go to “Write Checks”
Pick your “Bank Account”
Enter “No.”
“Date” (Date you paid it)
“Pay to order of”
“$” amount
“Expenses” Tab
“Account”
“Amount”
Click “Save & Close”


➡️ Reconcile Credit Card
In the home screen, choose “Reconcile”
Choose “Account”
“Statement Date”
“Ending Balance”
“Finance Charge”
“Date”
Click “Continue”
Checkmark charges & payments
Check Details
“Difference” should be Zero
Click “Reconcile Now”
“Make payment” screen will show
Click “Cancel” (recommended)
“Select Reconciliation Report” screen will show
Summary
Detail
Both
Click “Display”
Go up to “Print”
“Report” or “Save As PDF”


**Hide transactions after the statement’s end date
– anything after the transaction period will disappear


**Click Modify – if you need any adjustments



➡️ The benefit to entering each transaction:

1. You can look each transaction up under the Vendor Center. Giving you a quick reference and to make any adjustments.
2. You can also pull and print Vendor Reports for extra information.
3. Makes reconciling much simpler.

Recommendation: Taking the time to reconcile each month will simplify tax time, and you can verify all transactions have been entered.

Don’t forget to enter all your credit card charges, cash receipts, and reconcile loans. This is a great way to verify your numbers.


Timestamps:

0:00 - Intro
1:27 - How to Enter and reconcile credit cards in QuickBooks?
7:36 - Credit card in the chart of accounts
8:14 - Applying payments
11:26 - Reconcile credit card
14:18 - Reconciliation Summary/ Reconciliation Summary
15:37 - Final Thoughts


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