| For cash flow reasons, sometimes clients need to | | | | You may make as many payments toward the |
| make credit card payments more frequently than | | | | credit card as you like during the month. Follow |
| once a month. Here are directions to record all | | | | these steps: |
| aspects of this process. | | | | Use the Write Checks function (from the Banking |
| Enter the Charges | | | | menu, select Write Checks). Use the Write |
| Enter the credit card charges. You may either do | | | | Checks function even if a paper check was not |
| this manually or download them from your credit | | | | written. Make sure you are using the correct bank |
| card company. | | | | account, as shown in the top left corner of the |
| To do it manually: | | | | open window. On the Expenses tab, under the |
| Under the Banking menu, select Record Credit | | | | Account column, scroll up to select the credit card |
| Card Charges, then select Enter Credit Card | | | | account you used for the charges. Do not select |
| Charges. Record the vendor, date, amount, and | | | | an expense account here. The expenses were |
| type of expense. | | | | already recorded when you entered the credit |
| You may either use the paper receipts, or the | | | | card charges. The amount in the Amount column |
| credit card statement. | | | | should be the same as the amount on the green |
| To download: | | | | electronic "check". |
| Under the Banking menu, select Online Banking, | | | | This entry takes money from the bank account |
| then select Online Banking Center (if you don't | | | | and applies it as a payment to the credit card |
| have Online Banking enabled, QuickBooks will walk | | | | account. |
| you through the set-up procedure). Select the | | | | Reconcile the Statement |
| account in the upper left corner, enter your | | | | When you receive the credit card statement, |
| password, and the download process should start. | | | | reconcile it as you would for a bank statement. |
| Some financial institutions use a "web-connect" | | | | (From the Banking menu, select Reconcile, then |
| procedure which requires you to go to their site | | | | select the credit card account you wish to |
| through the QuickBooks web-browser. Log-in to | | | | reconcile.) If you wish to record a payment or |
| your account, find the link that says something | | | | enter a bill (to make a payment later) after |
| like, "Download transactions," select the correct | | | | reconciling, you will be given the opportunity to do |
| version of QuickBooks, and make absolutely | | | | so. If you do not wish to record a payment or a |
| certain the date range is correct. Do not | | | | bill after reconciling, select Cancel. Print a Detailed |
| download previously downloaded or reconciled | | | | copy of the Reconciliation report and staple it to |
| transactions. Removing these types of | | | | the back of the credit card statement. |
| transactions from QuickBooks' Online Banking | | | | Using this method allows you to make payments |
| Center can be time consuming and frustrating. | | | | when you wish, in whatever amount you wish. |
| Once all credit card purchases are recorded, not | | | | Reconciling the credit card statement is an |
| only is the expense recorded, but the amount | | | | important step to verify that you have recorded |
| you owe the credit card company is recorded as | | | | everything properly, and that your records agree |
| well. | | | | with the records of the credit card company. |
| Make Payments to the Credit Card Company | | | | |