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

are you ready to get your credit card set up in QuickBooks but you'd like a little support or you want to know how to enter in your charges or your payments because you have a little bit of an issue you are in the right place if we've never met before hello I'm Candace camper and I can't wait to help you get your credit card entered first thing you're gonna need to grab is your credit card statement and then come look over my shoulder as we go through now just so you know if you are a desktop user this is the wrong video for you this is for online if your desktop user click the link up above or down below if you're an online user you're in the right place let's jump in so first things first we got to set up your actual credit card in QuickBooks so you're gonna go over here under accounting chart of accounts now there's a few different ways to enter in your credit cards you can technically set them up here you can also because you're an online user you might want to use Bank feeds which what bank feeds are let's do a quick little tutorial about it because it's a common question Bank feeds is where you sync QuickBooks to your bank or your credit card company and it brings in the data automatically brings in the date the dollar amount and it tries to help you start entering in the transactions now I'm going to tell you just like I tell everybody else Bank feeds speeds up the process but it's typically not where I recommend you start think feeds are like cruise control you know when you're learning to drive you first learn how to put your hands on a steering wheel shift manual depending on what you had going on you know how to adjust the mirror everything you need to know and now you just do it automatically that's when you want to add Bank feeds into QuickBooks after you already know how to enter all the transactions so what I'm going to teach you today is more how to enter them in manually and if you want a video on vein feeds let me know but we won't want to start there and I'll teach you why because typically if you're using Bank feeds without knowing how to enter them you're going to find jet mistakes and most likely that's what you're doing and why you're here let me know if that resonates with you in the comments so when we're in here grab your statement and then you're going to come over here and instead of trying to add it from here you can you can choose to download it but it's best even if you're downloading them that you enter at least a handful of transactions maybe your first statement manually and then add the automation so you're going to go over here go accounting chart of accounts I know I teach QuickBooks a little different than most people because I want you to be successful all right I'm going to come over here and you're going to click new so what is a chart of accountants where the entire list of accounts that you have available to use within QuickBooks you'll notice we already have two credit cards set up in this sample file but we're gonna create a new one together so you're gonna go over here new and you're going to choose credit card they recently changed look at this so you never know what it might look like in the future but the key to QuickBooks and stuff always just being willing to click and not worry gonna break it so you're going to click on credit cards and then you're going to drop this down you're going to choose a credit card here if you want to set up like we call corporate credit cards where you have a business and then different credit cards go above or down below I'll add a video that's specific to how to set up a corporate credit card so you're going to click on credit card here if you want to set up your tax election you can click on that now account name that is the important part what you want to do here is you want to add typically the bank with which your credit card is at maybe it's Capital One and what I'd like to have you do is also the last four digits of whatever your card number is okay that way when you're going in if you have more than one card with the same company maybe you have Amex or discover or whatever it is you want to make sure you have it there because you might have more than one card with the same company not a corporate card but just a general card if you want to add a description you can now the next question becomes your beginning balance so this is a little conversation where we have to decide where do you want to start your credit card now remember this is how do you enter a brand new one if you need if you don't need this you can fast forward just a little bit to the next section on how to enter your charges so you want to grab your statement if you are starting at the very beginning in January because you want to do your entire taxes usually credit card statements run mid-month so you're going to want to grab the one that goes from December into some part of January got it if you it's a brand new credit card you've never used it before then whatever's your first statement all right if you're just adding it to QuickBooks or in accordance with that guideline okay let me know if you have more questions below so you're going to choose to click here and you can choose to do it at the beginning of the year beginning of a month today or other date if it's a custom date which most credit cards are you are going to enter in the day before the current statement so the statement I'm going to teach as you see here on the screen is January starts January 15th and goes to February 15th so I'm going to start my beginning balance as of January 14th the day before my statement that's what I'd recommend you do as well okay then you're going to put in here your beginning balance so might be getting balance now you'll see that it does a little something smart here it says account balance at the end of the 14 the 13th so you could choose to put the 15th here if you want and it will assume that it's whatever your balance was as up to 14. whichever way you would handle it it's not a huge deal okay now I'm going to erase this because I'm going to teach you another way to do it as well later okay so we're just gonna shrink that up and act like we're not adding anything in there right now and then we're going to click save okay great I just want to make sure that it didn't save anything now your card has been added where are you going to find it in your chart of accounts it should still be open you're going to scroll down these are all the different types we're going to scroll down to credit card as the type now you'll notice that this one has little arrows going back and forth that means that one's been synced and is being downloaded into QuickBooks which you will learn how to do when you're ready next you're going to go in and you're gonna say okay I need to do a beginning balance and this one added our beginning balance because we had put the dollar amount in there but if you hadn't and you need to come in here and either alter this because you actually put the wrong dollar amount or you didn't add it to begin with you can go here and just enter in a credit card charge and it will enter you know put in your date opening balance as the memo the thousand dollars or whatever your balance is don't worry about this R over here I'll teach you more about that later and then your opening balance will be here okay now let's go in and start entering in your charges there's a few ways that you can do that in QuickBooks okay so you can do it here on this exact screen by in the register just dropping this down and adding it how did I get here I went in to your chart of accounts found your credit card and clicked view register Some people prefer to use the registered in their charges some people don't it doesn't matter what you choose to do I recommend trying a few and figuring out which one you think is the fastest quickest and easiest to use okay so when you're in there and you're looking at your chart accounts if you selected the wrong account and you see it's at zero but you know you did just make sure you drop this down like I did and pick the correct one so you can come in here and you can add it so you'll see on my statement I had a transaction for January 15th to Exxon okay so you can put a reference number in if you want you're going to add your vendors so all the people and places you spend money is offenders you get to choose which kind you can choose to add the detail if you want but you don't have to then you can come over here you can just do a quick ad if you want and enter in the dollar amount and then this is the key right here so you can add a memo but the key is which account do you want to go to so if you want to see this under fuel Exxon then you're going to choose the account here this account is how it's going to show up on your profit and loss which means how you're gonna be able to make decisions in the future so that's one way to add your transactions another because I just want to give you a few options and if you enjoy this type of training where you really like to learn more about how to optimize QuickBooks I'd recommend checking out Commons QuickBooks I go through this and so much more in depth so we're going to go under vendor expense so the difference between expense and check is check is going to be a regular traditional check it has a place to put a check number and expense is we're going to enter any ATM transactions credit card transactions anything that doesn't actually have a check number then you're going to go up here this is where we add our payee so the next thing on our statement remember we're going based off of our statement is Office Depot the first few transactions even though this feels like it takes more time it's best to start here so do that so we're going to add it if we want the address you can but typically these types of transactions you don't need to the next thing and the key is you need to make sure you choose where you spent the money you're going to choose your credit card you'll notice it starts adding our balance here of everything then you're going to have the date of your transaction now you can choose this and this is a sample file you can choose to add your type of card here so you could say Visa if you want and a reference number if you're using tags you can add your tags here if you'd like a training on learning how to use tags please let me know in the comments and we'll add it to our future tips and tricks now down here we're going to categorize it so guess what this is this is just like the other one you're going to choose where you want to see this so for Office Depot it might be office supplies or office expense depending on what you purchased and how you're tracking it okay so it's going to ask the type in here we're going to go in and add an expense you can choose this detail every now and then people get thrown off by that don't worry about it doesn't have to be a big deal and then you just call the title what you want to see on your profit loss click save and close and it will add that one you can add a description the amount for the transaction you can add like what you purchased for if you want to understand more about billable taxable and customers that is what I cover inside of Commerce QuickBooks so check that out as well as how to use items memos and attachments we're going to go ahead and click it save and close now we've entered in another transaction look you'll see it inside of our register we have the opening balance and our first two transactions the reason is because I have that open behind the scenes so it just popped it back in there if you didn't leave that open you won't see that screen so you can choose do you want to enter the register or from the expenses you can come right over here and instead of doing save you drop that down and you do save and new or Control Alt this all right let's move on with entering in some more of our transactions oh another little tip that I'll give you is if you want to see the previous ones you entered you just click this little drop down and it will show you your transactions in there so let's go on to the next one you're going to come here and you're going to enter in where you spent your money just like normal you're gonna do this over and over again the thing is is you're going to become such a pro edit that when you want to do Bank feeds you're going to just understand what question each of the areas is asking you if you want to add your insurance information in you can and then you're going to make sure that you have the payment wow you paid for it the date that you charged it on so in this example it's the 10th you could type it in or you can use the calendar however whatever's easy you can choose to add Visa or you can leave this blank you have your reference number and then you're going to come down here and you're going to add your category so this is going to be Insurance the great thing is if you have a typo you can always go back and fix it later Insurance you can add description for what period of time it covers and you're going to add in how much money you spent if you need to add any of these extra details make sure you add them and then that's the last one for this so I'm going to click save and close now we're going to go in and we're going to enter in our credits you'll notice on the statement we have some credit so you can do from the register you can do CC credit by clicking that you can manually enter it so I'll do one this way and I'll do one the other so you're going to enter in your date what is the date for this transaction so the first one is going to be January 28th and you want to make sure you add the correct year I'm doing that future dated year and then you're going to come in here and you're going to do your reward so the first one is rewards from Capital One so who gave you the reward the credit card words there's a couple different ways credit card rewards can happen one of them is you get the money applied to your statement which is this example sometimes you get money back so you get to enter it depending on what you need so we're gonna go in here we're gonna do Capital One we're gonna click add every time you get a reward or you pay down your credit card you want to be using them as a vendor you can always add the last few digits of the the credit card if you pay that vendor in more than one way let's say that you bank at Wells Fargo Bank America something like that you also have them as a vendor so sometimes you might be paying Bank service charges and paying them with a credit card to speed up your data entry by having the vendor name very specific it will make it easier to make the transactions automate the transactions if you're curious about that let me know as well those are future videos and some videos that I've already created so you want to make sure that you're adding the vendor I love teaching you how to speed up transactions then it's gonna have a credit memo and because you chose a credit card credit it puts it under a payment instead of a charge that way you don't accidentally enter it for the wrong amount then over here you could put in the memo like credit card reward or a period of time let's just say for December and we're getting in on our January statement then you are going to choose an account here any idea what account you would choose credit card rewards is typically what I call it and then what type of account is that it's considered all their incomes not typically your primary way of um getting income so you're going to do it as other miscellaneous as the detail type credit card rewards save and close so every time you get a reward whether it's on your credit card or in a check you're going to be put into other income and then scroll over here my screen let me move my face off and click save boom so that's how you can enter credit card reward another strategy to do it is to go here under vendors and click on credit card reward we have one more where we did a return to Home Depot on this credit card Home Depot is also a vendor it's also going to go on your credit card and then you're going to put in the date that you went there it's going to be January 31st if you have a reference number you want to add a tag then you're going to put where you want to go back so when you do a return it's like a charge you're going to when you make a charge it went to job supplies maybe then when you go to return it you're going to put it back towards the same account job materials in this example you can add a memo you can add the customer all of that data you're also going to enter in the amount okay when you're done with all of that you'll click save and close now we've entered our charges in a couple different ways we've entered in do you see how you're getting to learn more about the functionalities of QuickBooks instead of just trying to do everything in the bank feed gives you a little bit more data so you'll notice in here we have both charges and all of our payments as well now there's one last strategy of a payment and that is going to be as you see on the statement straight from our bank account so we're going to come in here as an expense we didn't write a check we paid it online it's going to come who's the vendor let's say who's the vendor first we're going to choose Capital One because we're paying it down right it's not going to be the payment account is going to be that it's going to be the checking account where we spent the money the date based off of the statement date which is that one and then what is the category here this is where the magic happens that we do it correctly Capital One now if you were thinking I'm going to figure out where my expenses were no you've already entered your expenses go straight to the credit card this will make all the difference in your life so much easier I don't recommend using bills for credit cards I highly highly recommend this strategy right here okay so you're gonna enter that in if you need to enter any other data points you can we're going to hit save and close now we have entered in all of our transactions that we see on our statement we are going to reconcile there's a few different ways to reconcile you can click reconcile here at the top you can also go over here under accounting and click reconcile either one of them is going to get you to the same place QuickBooks has a lot of ways to get to different areas you get to pick which one you want so you're going to click reconcile whatever screen you're in is typically the easiest you're going to enter in your ending date now if your beginning date didn't automatically have an R next to it that's okay it might say zero don't worry about it just enter your ending balance and check off your beginning balance in the next screen when you enter it in the chart of account so automatically say that it's been reconciled so that you don't have any issues you're going to add your ending date of your statement do you see where I have it was on the 15th so we're going to pick the 15th if we had a finance charge we could add our finance charge this is the date actually the date we typically do it as the date of the ending of the statement unless otherwise it says on the statement but typically a statement doesn't show the exact date that they charge to finance it's usually done at the end of the statement period then you're going to put in your dollar amount if you had a finance charge or interest and then here we usually do interest expense don't do earn that's income I write expense just so you're really clear on the difference okay and you're going to have to add that so if it's not already in there make sure you add it you can't add it from here you go here add it to your chart of accounts and then come back right we don't have any on this one so I'm gonna go and skip it I will tell you that I prefer instead of any entering my interest or finance charge here on the screen because you can't add a vendor I prefer to enter it in as a charge instead so I can add the vendor the Capital One or wherever the bank is that you're paying that fee to you've decided which credit card you're reconciling the beginning balance will automatically appear if you entered it through the chart of accounts or you've reconciled it in the past or someone did then you're going to add your new ending balance on this statement the date and click Start reconciling all right so now what you're looking at is up here on the top it has your statement ending date then it's going to have what was your statement it also shows uncleared and a difference okay so we already have our beginning balance which was our previous statement so we know that's in there then we get to decide we can go through we're actually going to check off I recommend grabbing your statement and literally with a pen you check off every transaction as you clear it on your statement so you're going to see Exxon and Office Depot and then you're going to see your insurance okay great we have one more transaction to add Carl's Hardware so I'll go back and add that one I I missed it but let me show you how you know you go through and you check everything off and you're like ah I'm off 124.78 and you'll see on my statement 124.78 perfect what does that mean ooh I missed a transaction I need to go back and enter it so to go back and internet you're gonna just go in whichever way you prefer and enter in that one transaction okay that's as easy as if you miss something you you can fix it or if you are using Bank feeds it's common that a transaction can be missed by the bank not download so that's why reconciling is so important to make sure you didn't miss anything so you're gonna go through you're gonna add all of the data points that you want we're going to say job supplies material and amount 124.78 on the statement always look at your statement to close it I'm going to come back into the statement I had left it up if you noticed I didn't leave it now I can check mark that and now look at my difference is zero so what you're going to do is you're going to go through and you're going to say okay what is my beginning balance if you've never used it before if you've used it before you won't need that right and then you'll have well you still have a beginning balance but that's your beginning what are your total charges that should match the total at the top of your statement your total payments and then what your balance is is cleared now there's a couple different ways that you can do this you can click charges you can click payments if you just want to see one at a time or you can click on all if you find that there's a mistake you can actually click on it it'll pop it up you can fix it here if you accidentally entered the wrong amount or you can click edit okay so once you're done you can also click the little X to get off you can always click on the Little Wheel if there's something you want to see it in a different style there's the regular style the compact or the ultra compact so you get to kind of pick which one you like best those are just settings and these are the columns with which you see the date the type if you're like I never enter a reference number so I just wish that wasn't on there or I want that on there but it's not you can adjust that accordingly I clicked on a little wheel here all right if you find that you entered your ending statement balance and you had a typo maybe you had 95 instead of 59 you can click edit info and come in here and change this to what you needed to be if you missed a date or something like that now if you find that you know you entered a transaction but it's not showing up in the date range that you have you can actually click clear filter here and it will let that go reset the statement date and it will show it what's the benefit of that if you have a lot of old transactions by having the statement date it won't show all the stuff in the future in case you're trying to catch up on old statements that you missed in the past so that's how that function worked you can also always find or search for data points here as well okay so once you're done you click finish and it's going to ask you which a lot of people get confused by this pay all or portion not always when you reconcile it do you need to make a payment why because you might have already paid this one or you might be paying it in the future but you're not ready to pay it right now so if you did you could click pay part of the bill or the whole bill or you can click on enter a bill to pay it later okay this is entering accounts payable which I don't recommend unless you're paying it off every month or you go back and clean up how to do that if you want a video on how to do it let me know otherwise you're just going to click done and not worry about either of those and you're just done you're good to go now a few things to know when you're in here and you're entering in your transactions if you're paying your credit card down and you make five payments throughout the month these are the kind of questions they typically get so I want to make sure I include them you will actually do five different payments on the exact date that they came from a bank the exactly that they paid down the credit card okay if you're in here and you want to see what's the debits and what's the credits and how did that happen if you click this little wheel little time warp and you go back to one of these transactions that you've entered and you want to see what happened you can click on the more and look at the transaction Journal if you're one of those people who wants to understand debits and credits and what's happening behind the scenes that you may or may not know that at any point you can go and actually look at the journal to see exactly what happened behind the scenes within QuickBooks there you go you can see the debits and credits you go okay credited this a debited that sometimes people want to know that so I just want to give you that as a tip so let me know how are you feeling about your credit card much better you realize all it takes is to grab your statement and start entering it in now I will give you a little sneak peek of understanding how Bank feeds work just because I know there's a few of you like ah I wanted to know Bank feeds so when you come in here and you're under Banking and we're building upon what you already learned definitely something to teach inside College QuickBooks start with understanding what you're really doing so you don't get yourself in trouble you come in here and now when you click on one of the things that downloaded whether it's from your bank or your credit card you're choosing your vendor remember you know where you spent money now you know that this you don't want to go uncategorized don't just go click add you go in and start looking at where did you actually spend that money and you start adding more detail this is the exact same detail it asks on either screen but by knowing what they me first if it makes using your bank feeds so much easier let me know if that made sense I hope you enjoyed this tip if you're new here and don't forget to subscribe and give this video a thumbs up and let me know in the comments what was your biggest aha or what are you excited to do within your credit cards if you want to get these tips and tricks straight to your inbox you can go up above or down below we'll send them to you so you never miss one and if you'd like to learn more about how to customize QuickBooks to your specific business check out my customizing QuickBooks Workshop canscamer.com forward slash Workshop don't forget to save your seat I look forward to seeing you on my next tip and check have an amazing day let me know what was your biggest uh-haul below see you soon bye foreign

Channel: Candus Kampfer

Views: 36,842

Keywords: candus kampfer quickbooks, candus kampfer, Credit Card, credit card charges in quickbooks online, how to enter credit card charges in quickbooks, learn quickbooks online free, quickbooks online for dummies, quickbooks online credit card account, quickbooks training tutorial, quickbooks online tutorials, how to enter credit card charges in quickbooks online 2022, quickbooks online bank reconciliation tutorial, quickbooks online, quickbooks credit card reconciliation

Id: os4v7kEZ3h0

Length: 22min 47sec (1367 seconds)

Published: Fri Feb 10 2023