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How can categorized items be associated with a credit card after the fact?

After paying a credit card bill by transferring funds directly from a bank account to the credit card company I now want to add the individual items associated with a credit card account so that the individual items are properly entered into QuickBooks. Sadly, I haven't a clue as to how to actually do this.

I have QuickBooks Pro 2007 and am not at up to speed with how to use it nor the accounting practices upon which it is based so I'd appreciate any instructions and suggestions be expressed simply, keeping in mind that I'm not very good at these sort of things.

Reply to
Richard Lewis Haggard
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Reply to
John

If you have not already done so, set up a new account in the chart of accounts with account type "Credit Card". I recommend naming it the type of card + last 4 digits so it's easy to identify if/when you use multiple cards (eg VISA 1234). Post the payment to this account.

You can then post all the individual charges to this same Credit Card account (either through "Enter Credit Card Charges" or by posting directly to the CC account register. Entry is similar to entering a check - select vendor name, post charge to appropriate expense (or any other account).

You can reconcile the account just like a bank account, or just verify the balance in the account vs the credit card statement.

If you really have no accounting knowledge, I'd suggest some training is in order. See if your accountant can recommend someone who does Quickbooks consulting - I get most of my QB consulting business through referrals from accountants.

Reply to
Scott

Forgot to add that you can also Pay Bills using this account - just change the payment method to Credit Card & select the correct account - this will post the charge to the CC.

Scott out.

Reply to
Scott

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