Do you use a credit card for your business-related purchases? There’s no denying the fact that credit cards are convenient. When used for business-related purchases, they’ll keep all of your expenses organized so that they aren’t mixed together with your personal expenses. You’ll still need to record these purchases, however. In Quickbooks, you can record credit card purchases in just a few easy steps.
Steps to Recording Credit Card Purchases
Recording credit card purchases in Quickbooks involves the use of a record. You’ll need to create a bank transfer record for each credit card purchase. To do so, log in to your Quickbooks account and click the “Banking” menu, followed by “Transfer Funds.” You should then see a list of all your bank accounts. Choose the bank account that you wish to use for the credit card purchase from the available list.
After choosing your bank account, look for the “Transfer Funds to” option. For this section, you’ll need to choose the credit card that you used to make the purchase. You may only have a single credit card, or you may have a half-dozen or more credit cards. Regardless, find the credit card that you used to make the purchase and select it in the “Transfer Funds” section.
You can repeat these steps for each credit card purchase that you make. Just remember to create a bank transfer record, followed by a transfer record to the appropriate credit card. Quickbooks makes it easy to record credit card purchases.
The Basics of Recording Credit Card Purchases in Quickbooks
When you record credit card purchases using this method, Quickbooks will assume that you paid for the credit card purchase using the bank selected that you previously selected. With that said, you’ll still need to match the credit card purchase with the event. Check out this help article from Intuit for more information on how to match transactions. t
Many businesses use credit cards to purchase inventory, supplies, equipment and over products or services related to their operations. If your business falls under this category, you’ll need to record the credit card purchases. Fortunately, Quickbooks makes it easy to record credit card purchases. You can create a bank transfer record, after which you can choose the option to transfer funds from that bank account to the credit card.
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