If you are like many small business owners, you probably rely on your credit card payments to help run your business. But with the holidays coming up and more people spending, it can be tough to keep track of all the transactions.
If you’re looking for a way to make your credit card processing easier, check out QuickBooks. You can also use it to track all of your credit card transactions and payments, so you know exactly how much money comes in each month and where it’s going.
In this article, we’ll show you how to set up QuickBooks to record credit card payments.
What is QuickBooks Online?
QuickBooks Online is a cloud-based accounting software that helps businesses manage their finances and keep track of spending. It’s available on desktop computers, as well as in the App Store and Google Play stores.
The software can be used to record credit card payments, as well as other financial transactions. This can help businesses track their spending and better budget for future expenses.
QuickBooks Online also offers a variety of other features, such as invoicing and tracking of expenses. This makes it an essential tool for small businesses that need to manage their finances carefully. QuickBooks Online is built on the QuickBooks accounting software, which has been around since the 1980s.
The company’s first online version was released in 2015. This was followed by a premium version of the service in 2016. The core of QuickBooks Online is the same as QuickBooks desktop software. The main difference is that it can be accessed from a browser and does not require installation on your computer.
Steps to Record Credit Card Payments on QuickBooks Online
QuickBooks is a popular software program that can be used to manage finances and track transactions. One of the features of QuickBooks is the ability to record credit card payments. This guide will show you how to do this in QuickBooks online.
- First, open QuickBooks and click on the “Payments” tab.
- In the “Payment Method” row, select your payment method and then click on the “Add New Payment” button.
- In the “Add New Payment” window, enter your information for the payment including your credit card number, expiration date, and security code.
- After you have entered all of your information, click on the “Submit” button.
- Now, your payment will appear in the Payments section of your account summary in QuickBooks online. Please note this information may differ slightly from your QuickBooks desktop version.
How to Keep Track of Your Credit Card Payments
If you want to keep track of your credit card payments in QuickBooks online, here’s how:
- Go to the Invoices screen and select the payment that you want to record.
- On the right side of the screen, click the Accountant tab and then click Credit Card Payments.
- In the Payment Entry dialog box, enter the details for your payment, including your credit card number, expiration date, and security code.
- Click OK to finish entering your information.
- If you want to see a history of your past credit card payments, on the left side of the Payment Entry dialog box, click View History. This will open a list of all your past credit card payments in chronological order.
Tips for Recording Credit Card Payments in QuickBooks
If you use a credit card to pay for your purchases, you may want to record the payments in Quickbooks. There are a few different ways to do this:
- You can enter the information manually into Quickbooks.
- You can import the information from your credit card company’s online account management system.
- You can use a third-party payment processor like Square Inc (SQ) or Paypal Holdings Inc (PYPL).
Whichever method you choose, here are some tips to make the process as smooth as possible:
- Make sure you have all of the relevant information ready before beginning. This includes the purchase details, your account number, and your customer’s name.
- Enter the payment information accurately and completely.
- Send the payment at least a few days before the due date to avoid any late fees.
- Make sure you have accurate records of what you send to your customer and when.
- If you send payments too close to the payment deadline, there is a chance that the customer will not receive the payment in time.
- Once you have sent the money to your customer, make sure you keep records of your actions until they are paid out. Those records might be necessary if you need to dispute a payment.
- Do not send your customer the money until they have received their final invoice and have paid in full.
- Be aware that you may need to make additional payments on your customer’s debt.
- You will have to send a separate payment for the amount you owe your customer after the amount that was sent to them is paid out.
- Be sure to keep accurate records as you go so that if you need to dispute a payment, you can prove that you did not receive the money.
Summary
Quickbooks Online is a popular accounting software that can be used to manage business finances. One of the features that makes Quickbooks Online useful for credit card payments is its ability to track and record payments automatically.
By using Quickbooks Online you can keep track of each payment and its due date so that you know when to send the payment to your customer. You can set up automatic payments within Quickbooks Online which will allow you to track how much money your customers owe you.
If you receive payments from your customers in the form of credit cards, you can use Quickbooks Online to set up automatic payments. You can also use Quickbooks Online to track when a payment is made and when it should be sent to your customer.