How to enter Credit Card Charges, Reconcile and apply Partial Payments in QuickBooks

Do you want to learn how to enter credit card charges into QuickBooks?

Or how to reconcile and apply partial payments?

In this video, I will walk you through each step. 😁

Learn how to Enter Credit Card Charges, Reconcile Your Credit Cards and Apply Payments inside QuickBooks.

➡️ Steps to Entering CC Charges, Reconciling, & Applying Partial Payments:

➡️ Setting Up New Credit Card
Go up to “Lists”
“Chart of Accounts”
Go down to “Account”
“New”
Choose “Credit Card”
Click “Continue”
“Account Name”
“Enter Opening Balance” **If you have a beginning balance
Click “Save & Close”

➡️ Entering Credit Card Charges
Go up to “Banking”
“Enter Credit Card Charges”
Select “Credit Card”
Choose “Purchase/Charge” or “Refund/Credit”
“Purchased From”
“Date”
“Ref No.”
“Amount”
“Memo”
“Expenses” Tab
“Account”
“Amount”
“Memo”
“Customer: Job”
“Class”
Click “Save & Close”

➡️ Reconciling
**Grab your Credit Card Statement

Choose “Account”
“Statement Date”
Check “Beginning Balance”
Enter “Ending Balance”
“Finance Charge”
“Date”
“Account”
“Class”
Click “Continue”
Checkmark the transactions to match the “Credit Card Statement”
“Difference” should always be Zero
Click “Reconcile”
“Make Payment” screen will show
Click “Cancel”
“Select Reconciliation Report” screen will show
Summary
Detail
Both
Click “Display”
Go up to “Print”
“Report”

**Hide transactions after the statement’s date end date – checkmark to hide all transactions after the for period date

**Click Modify if you need to adjust anything in your reconciliation

➡️ Entering Payments
**You can enter them in Write Checks or Check Register

Go to “Write Checks”
Select the “Bank Account”
“No.”
“Date”
“Pay to order of” (Credit Card is a Vendor)
“$” amount
Enter your breakdown under the “Expenses” Tab
Click “Save & Close”

**After entering in Write Checks, it will automatically show in the Check Register

Timestamps:

0:00 - Intro
0:03 - Where you're Credit Card sit in QuickBooks?
0:50 - Add Credit Card
2:31 - Q&A
3:35 - How to Enter Credit Card Charges
5:34 - Reconcile credit card
7:32 - Remember 💡
9:05 - Outstanding balance
10:14 - Printing Report
10:43 - Adding Payments (Catching up)
13:25 - Payment shows in Check Register
13:54 - Checking Chart of Accounts
14:18 - Checking old transactions
15:11 - Summary
15:27 - Final Thoughts

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