When I pull a "balance sheet comparison" report for the year, it is showing an amount in the "Total Liabilities" line. In this tutorial, I will show you how to set up your credit card accounts in QuickBooks Online to track your expenses in real-time whether you have one credit card or multiple credit cards. It's basically a transfer of cash from checking to the CC account, similar to a transfer of cash between two bank accounts. One of the neat features with QuickBooks is that you can link your bank account or credit cards so that your bank or credit card activity automatically downloads into QuickBooks. Click on Chart of Accounts from the Home Page. Sales & Payments decrease the liability balance. If you have any other questions or concerns, please don't hesitate and reach back out! Setting up credit card accounts in QuickBooks Online is often the most confusing process for organizations that have primary and secondary cards under one statement. As an initial step, you will need to move them from the “For Review” tab to “Excluded” tab first. The latest technologies are a great help to most people today. I purchase ingredients and other supplies and services with the credit card. The best method for entering credit card payments in QuickBooks Online is to use Transfers. Please let me know how it goes so I can get back to you right away. Learn how to set up, use, and pay credit card accounts in QuickBooks Desktop. By Elaine Marmel . Now every time you receive a credit card payment, deposit it right away to the Credit Card Clearing account. How to Add Credit Card Accounts in QuickBooks. This is different than a debit card that is tied to a bank account. There are 4 different methods mentioned in the article, and I recommend checking out the banking downloads option since it's the most applicable to your situation. Create a bank account in QuickBooks called Credit Card Clearing. If you’ve read How To Set Up Your QuickBooks Account, you may have already done … What do I do, how do I think about this? Select Expense as Account type, click continue. Thanks for getting back to us in the Community, @topolo. From there you should now be able to delete the transactions. I'll be sure to get back to you. It has nothing to do with accepting credit cards from customers. Click on New from the Account button. Your answer seemed headed in the right direction, but then I couldn't make sense of it. Once you finish your initial company setup with Express Start, you can add credit card accounts to your chart of accounts. The credit card account I'm referring to in this question is balanced in Quickbooks.What is happening is that my credit card payments from my checking account and the ones that post in my credit card account are begin arbitratily assigned categories. Discrepancies between QuickBooks and a bank statement. What I don't understand is (1) how to categorize the payment that comes out of the checking account and (2) how to categorize the credit card payment that posts to the credit card account.I have read older discussions about this and a Credit Card Liability category is mentioned. Create A Credit Card Account. When it comes to how to categorize or where to place your transactions, you'll need to reach out to your accountant. This method is usually chosen by people who are starting out i… In this post, we’ll cover everything you need to know about entering credit card payments in QuickBooks Pro in 10 simple steps. We are working in module nine and we’re talking about working with credit cards.We’ve already talked about how to set up those credit card accounts in the Chart of Accounts.We learned how to enter the credit card transactions. 3. The Credit Card payment that's seen in the CC account and is listed as a Transfer from Checking. But maybe I should try again with that. That should do it. into ... QuickBooks Online, QuickBooks Self-Employed, QuickBooks ProAdvisor Program, QuickBooks Online Accountant, QuickBooks Desktop Account, QuickBooks Payments, TSheets by QuickBooks, Other Intuit Services, QuickBooks Self-Employed, QuickBooks ProAdvisor Program, QuickBooks Online Accountant, QuickBooks Desktop Account, QuickBooks Payments, TSheets by QuickBooks, Other Intuit Services. Allow me to help delete duplicate transactions and get you pointed in the right direction. 1. I also have a checking account in QuickBooks that make payments to that credit card. To set up credit card accounts for cards your company uses for purchases, follow these five steps. I understand how to categorize the charges to the credit card. In QuickBooks Desktop products click Company then Chart of Accounts. Screenshot shows the nature of these entries. Here's a useful article posted by Intuit to guide users who are recording their credit card payments: https://community.intuit.com/articles/1145523. No. Locate the account and click View Register under the Action column.3. Recording credit card fees in Quickbooks require these use of a new expense. Wishing you all the best! Sales Tax, Mark the transactions again then click the, Enter a brief description of your concern then hit. I have this problem, too. These are credit cards that your company uses to purchase items for the business. 4. If so, how do I remove these register entries that are not cleared and are duplicates? By default, QuickBooks Payments account accepts Visa, MasterCard, Discover and AMEX however, if one of the payment method option is missing, you need to re-create it … In your QuickBooks Online ( QBO ) register is balanced in QuickBooks Self-Employed a help! Supplies and services with the credit card in MineralTree, it must first be set credit! 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