Was this page helpful?
Thank you!

Comments or suggestions?



Enter Email Address (optional)
email

Reconcile and pay a credit card bill

Before you pay a credit card bill, first reconcile the credit card statement against the credit card transactions you've entered in QuickBooks.

After the reconcile, QuickBooks will guide you to pay the credit card bill. You can pay all, part, or none of the bill at this point.

What if I don't need to reconcile?

If you've already reconciled your credit card account, you can pay or enter a credit card bill just like any other bill. You can either use Write Checks to pay the bill now, or Enter Bills and Pay Bills if you want to track the bill and/or pay it later. See ways to pay bills to learn more.

To do this task

  1. Go to the Banking menu and click Reconcile.

  2. Click the Account drop-down arrow and then click the credit card account you want to reconcile.

  3. In the Statement Date field, enter the statement date.

  4. Compare the opening balance from your statement to the amount in the Beginning Balance field.

    If the amounts don't match

  5. In the Ending Balance field, enter the ending balance from your bank statement.

  6. (Optional) In the Finance Charge field, enter the finance charges you haven't already added as a transaction in QuickBooks, enter the date in the Date field, and click the Account drop-down arrow and then click the account.

  7. Click Continue to go to the Reconcile window.

  8. Click transactions that appear in both the Reconcile window and on your statement to mark these transactions as cleared.

    If an amount doesn't match or a transaction contains an error, correct the transaction.

    To do this task

    1. In the Reconcile window, double-click the incorrect transaction to display it.

    2. Correct the error and click Save & Close to record the change.

    3. In the Reconcile window, put a checkmark in the Checkmark column to indicate that the check is reconciled to your bank statement.

  9. If you find a transaction on your statement that is missing from the Reconcile window, enter the transaction now.

    To do this task

    1. Go to the Banking menu and then click Use Register.

    2. Click the Use Register pop-up drop-down list and choose the account for the transaction.

    3. In the register for the account, click the blank transaction at the end of the register.

    4. Enter the missing transaction.

    5. Click Record to record the transaction.

    6. Click in the Reconcile window or go to the Banking menu and choose Reconcile to return to the list of items you were marking.

    7. Put a checkmark in the Checkmark column to indicate that the check is reconciled to your bank statement.

  10. When you've finished selecting the transactions to reconcile, review the amount of the Difference entry in the bottom right corner of the Reconcile window:

    If the amount of the difference is:

    • 0.00: Your credit card account is reconciled with your statement. Click the Reconcile Now button to complete the reconciliation.

    • Not 0.00: Your credit card account isn't reconciled with your statement. To complete the reconciliation:

      • Find and correct as many differences as you can.

      • Click the Reconcile Now button.

      • Follow the onscreen instructions.

  11. In the Make Payment window, decide how you want to pay the credit card bill:

    • Click Write a check for payment now if you want to pay the credit card bill now and you're sure you don't need to track the bill.

    • Click Enter a bill for payment later to enter a bill in accounts payable. You can then track the bill and pay it later when it's due.

    • Click the Cancel button to leave the amount owed in the credit card account, but to not pay or enter the bill (the account is still considered reconciled).

    Should I write a check or enter a bill?

    There are two ways to manage bill payments in QuickBooks:

    • Enter bills when you get them and pay them when they're due.

      This method lets you keep your money in your business for as long as possible, and it enables you to track how much money you owe. You can run reports at any time to see how much you owe, and to whom. This method also keeps a record of all your bills, both before and after they're paid.

      1. Use the Enter Bills window to enter bills into your Accounts Payable account.

      2. Use the Pay Bills window to pay them when they're due.

        You can set up QuickBooks to remind you to pay bills when they're due.

      Important: If you've entered a bill in the Enter Bills window, you should always use the Pay Bills window to pay that bill. Otherwise the bill will not be marked as paid.

    • Pay bills as soon as you receive them.

      Use this method only if the bills have not been entered and you don't need to track them.

      • If you're paying with cash, check, or any form of payment other than a credit card, use the Write Checks window.

      • If you're paying the bill with a credit card, record the payment in the Enter Credit Card Charges window.

      In either window, assign the charge to an expense account.

    See also

  12. Click OK.

  13. Complete the payment transaction:

    • If this is the first time you're paying this credit card company, enter the name of the credit card company in the Pay to the order of field (if you're writing a check), or the Vendor field (if you're entering a bill). For subsequent payments, QuickBooks remembers the name of the credit card company and fills it in for you.

    • If you want to pay part of the amount due, edit the amount that QuickBooks has filled in.

    • Save the transaction.

See also

KB ID# H_CCARD_RECONCILE_AND_PAY_CCARD_BILL
9/2/2014 11:55:28 AM
PPRDQSSWS402 9102 Pro 2013 8d0a6c