Quickbooks help!

Does anyone run a business and use quickbooks to keep up with expenses and profit and all that?

I can't for the life of me figure out how to add in credit card payments so my accounts will equal what quickbooks says. Can anyone please help me out?

 

Can't you call customer support?

 

I can't tell if you're asking how to enter a sale made to a customer paying with a CC in to the check register for your bank acct as a deposit, or if you're asking how to classify the check you write when you're paying off your own CC so it will show in the CC's register.

 

Second one.

 

You hopefully have 2 accounts set up... the one paying the CC, and the CC account itself. One pays the other. It should balance out.

 

More info needed, as BrosefGoebbels says. Credit card payments to your own bank?

Or credit card payments received from your own customers?

 

I do. I have the credit card and then operations account. When I pay the credit card it jacks everything up,

 

Did you "receive payment" to the CC account?

 

Ah OK. It's common for folks entering the credit card payment to want to enter what expense it was for - i.e. the expenditure you made with the credit card.

But that expense is already entered when you entered the original purchase transaction listing your credit card as payment method.

So now, when entering the check - draw it from your bank "Checking" account, and in the "expense" lines - enter the credit card account itself. That in effect makes it a transfer rather than a payment, but that's exactly what you want. You're transferring money from your bank asset account to your credit card liability account.

 

I'm paying off credit cards that I use to buy my inventory. So it's being paid with my bank account.

 

Right, but depending on your account setup, any incoming funds to an account needed the step to "receive payment". You make payment with checking (or whatever), and "receive" it into the CC. That's how I had it set up. BJMoose's explanation might work better for you though. Whatever method it takes to balance out.

 

When setting up the chart of accounts for any of my clients I will always create a credit card account and label it something to the effect of "Due to MasterCard - 1111". Then when writing your payment check each month you can just type the account name for that card just like you would do when entering charges for office supplies, or meals, or anything else. The account will just be labeled the name of that card. I also try to put the last 4 digits of the acct or card # in the name so it gets less confusing if you have multiple cards from one company. Once you select a CC account and enter the transaction it will automatically show the payment coming out of your bank register and will show the deposit going in to the CC. Basically it's the same process as entering any other charge in the bank register.

 

OK, so I assume you're entering your inventory purchases as "Credit Card Purchases" right?

Then, what happens when you receive the monthly statement (bill) from your Credit Card provider?
- do you enter it as a bill? If so,
- then on the "expense lines" for the bill you enter your Credit Card liabilty account.
- then enter a "bill payment check" drawn on your bank account, paying of the credit card vendor.

- OR, a shortcut when receiving the credit card statement is to go directly to the Check form
- draw a check on your bank, and enter the credit card liability count in the expense lines section.
- this can work fine if you want to do less paperwork and you basically pay off the credit card bill more or less as soon as you get it.

 

You only need to receive a payment if a customer is paying you. That is an accounts receivable function, not used for paying off liabilities like credit cards.

 

Only frustrating thing about that is the annoying habit credit card vendors have of issuing new cards with different card numbers.

 

Agreed but it is fairly simple to edit the acct name.

 

true.

 

Erm.. I'm sorry guys, I'm very new to this. So I'm very very confused. Haha.

 

It's all good. None of us were pros when we started using QB. I've used it since 1999 but I put my last business on pause and haven't looked at it in over 2 years.

 

Well sadly, I still don't understand.