In the previous blog, I provided plenty of reasons to use a Credit Card account in QuickBooks to track credit card charges instead of simply writing a check to the credit card company and coding the expenses at that time. As promised, I will now tell you how to create and use your Credit Card account in QuickBooks. It’s easy, really.
- From the QuickBooks home page map, click the Chart of Accounts icon (or press Ctrl +A) to access the Chart of Accounts list.
2. From the bottom left hand side of the screen, click the Account selection menu.
3. Click New
4. From the Choose An Account Type screen, select Credit Card and click Continue.
5. In Account Name, enter the credit card name (example Bank of America – Visa). If your company uses account numbers, the number box will display – enter an account number that is in sequence with your existing liability accounts from on your chart of accounts.
6. In the Credit Card Acct No, input the credit card number.
7. If your company uses Tax-Line Mapping, choose the appropriate selection from the drop down menu.
8. Click Save & Close.
That’s it! You have your Credit Card account ready for use in QuickBooks. In my next post, I will discuss the specifics of how to use the Credit Card account, now that you have it set up.