How to Set Up Credit Card Accounts in QuickBooks?

set up credit card accounts in Quickbooks

Setting up credit card accounts in QuickBooks Online is regularly the most confusing system for organizations that have primary and secondary playing cards beneath one statement.In this article, we will show you the way to installation your credit score card money owed in QuickBooks Online to tune your prices in real-time whether you have got one credit card or multiple credit score playing cards

Sets to Set up credit card Accounts in Quickbooks:

There are two ways to installation credit score cards in QuickBooks Online depending on the range of playing cards you’ve got and whether or now not you furthermore might have employee playing cards.

To get started, you will need a copy of your credit card statement to complete the below steps. Log into QuickBooks Online.

Method #1 – Single Card, No Employees

  • Click the Accounting Tab, then select Chart of Accounts.
  • Click the new green button to create the credit card accounts.
  • In the Account window, add:
    • Account Type = Credit Card.
    • Detail Type = Credit Card.
    • Name = credit card calls plus the last four digits of the cardboard number.
    • Number = input your chart of debts number.
    • Description = depart this blank.
    • Is sub-account = depart unchecked.
    • Balance = go away this blank.
    • Click keep and close.

Method #2 – Master Credit Card With Multiple Secondary Cards For Employees

  • In the chart of accounts screen, click the New green button to create a generic parent credit card account.
  • In the Account window, add:
    • Account Type = Credit Card
    • Detail Type = Credit Card
    • Name = Credit Card plus “Corp or Parent”
    • Number = input your chart of accounts variety if applicable
    • Description = input “this account to reconcile all sub-credit card accounts”
    • Is sub-account = depart blank
    • Balance = leave this blank
    • Click store and new to add the real credit score cards as sub-accounts
  • In the Account window, add:

    • Account Type = Credit Card
    • Detail Type = Credit Card
    • Name = add “credit score card name+Employee’s first and closing call initial+card last four digits”
    • Number = enter your chart of bills number
    • Description = go away blank
    • Is sub-account = pick out the parent credit card account you created above
    • Balance = leave this blank
    • Click keep and new to copy the technique to add the remaining sub-money owed Tip: Connect only the sub-credit card accounts to the bank feeds in the banking center in QuickBooks Online.

Now you know how to set up your credit card accounts correctly in QuickBooks Online.

Related Guide:How to Process Credit Card Payments in QuickBooks Online?

In an upcoming post, we will show how to process your credit card account and record credit card payments. Subscribe to my blog to get an update when I publish new posts.

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