How to Process Credit Card Payments in QuickBooks Online?
Whether you have to track the company data or handle business financial activities, you can trust QuickBooks software. This software is helpful for small as well as mid-sized businesses as many business tasks can be easily performed. There are different features which are offered by this software. Here we will discuss the feature named credit card payments. Most importantly, with this feature, you can easily accept credit card payments as well as generate invoices for the customers. In this manner, you can see the sales data in real-time. This write-up will make you understand how to process credit card payments in QuickBooks Online.
Note: It is must to sign up for the QuickBooks payments account. Secondly, choose the location to record your payment and fees. Keep these points in your mind while processing credit card payments.
Methods to Process Credit Card Payment in QB Online
These are the two methods for processing card payments with your payments account:
Method 1: Collect a Payment
- Initially, click on ‘+ New’.
- Secondly, hit on ‘receive payment’.
- Thirdly, add the ‘payment date’ and ‘customer information.
- Now, hit on the ‘open invoice’.
- You need to modify the details given in the amount received field.
- You are required to hit, on the ‘credit card’ choice.
- Simply, you have to add the accurate ‘credit card info.
- Next, click on the ‘process credit card’.
- Hit on ‘save’.
- The second last step is to click on ‘save’ and ‘close’.
- Lastly, click on the ‘new’.
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Method 2: Create a Sales Receipt
- First, you need to hit on ‘+ New’.
- The second step says to click on the ‘sales receipt’
- You will be adding the correct ‘customer info’.
- Now, add your ‘product’ or ‘service’.
- With this, you need to hit on the ‘credit card’ option.
- Next, add the credit card details correctly.
- Move ahead by clicking on the ‘process credit card’.
- You have to hit on a ‘save’ option.
- Thereafter, simply click on ‘save’ and ‘close’.
- Finally, hit on the ‘new’ option.
How to Enter Credit Card Payments in QB Online?
Follow the instructions as stated below:
- Go on to Chart of Accounts List
Initially, by hitting on the gear icon you need to proceed to the ‘chart of accounts list.
- Add Credit Card Details
Your next task is to add credit card information. Also, give the details of the account type, name of the account, a description, current account balance, and detail type. Proceedings further, hit on the ‘new’ button and add the details in the field.
- Checking of New Credit Card Account
Just check that the new credit card account is added. Just after this, you need to go to the chart of accounts list and seek out the ‘new account’.
- Access the Account Register
In the second last step, you can access the account register.
- Type Credit Card Charges
Simply, by going to the credit card register add the details. Next, you need to choose the transaction type shown option. After that, hit on the drop drown arrow. You are required to click on a transaction type. Finally, you need to save the ‘credit card transaction’.
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How to Record Credit Card Payments in QuickBooks Online?
Recording credit card payments in QuickBooks Online will help you in maintaining accurate financial reports:
Follow these Steps to Write a Cheque
In case you have received payment via cheque, you are required to create a cheque for recording a credit card payment:
- First, hit on ‘+ New’ shown option.
- Now, you have to click on the ‘cheques’.
- You are required to add the name of the ‘credit card’.
- Next, just hit on the ‘bank account’ or ‘credit card’ option.
- Move ahead to the next step by adding the ‘cheque number’. If it is paid electronically, then you are required to type EFT.
- Just uncheck ‘print later’ in case the cheque is previously issued.
- Thereafter, add the ‘outstanding transaction’ details as well as the payment amount.
- Lastly, click on the ‘save’ option and then ‘close’.
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Creating a Transfer
Follow the below steps to record a credit card payment:
- In the beginning, select ‘+ New’.
- Secondly hit on ‘transfer’.
- Thirdly, select the ‘bank account’ via which you will pay.
- Choose the ‘credit card’ in which you have received the payment.
- Add the amount of the ‘payment’.
- Later, edit the ‘date’.
- Finally, hit on save and then ‘close’.
We believe that you have got the idea of how to process credit card payments in QuickBooks Online. If you find difficulty in following the steps of processing credit card payments, then quickly get connected to QuickBooks professionals. They have an excellent understanding of the software feature and resolve the issues related to it instantly.
In case you have any doubt related to how to process credit card payments in QuickBooks Online, dial 1-855-857-0824.
Frequently Asked Questions
Ques- Is a credit card payment a credit or debit account?
Ans- Credit cards, as well as loans, are liability accounts. On the other hand, received payments are debits. Purchases/expenses are credits.
Ques- What is the process to reconcile a credit card statement?
Ans- Follow these steps to reconcile a credit card statement:
- First, sort your receipts. With this, keep your credit card receipts safe.
- Now, match your receipts to your credit card statement.
- Finally, inform your bank.
Ques- What are the steps required to set up credit card payments in QB?
Ans- These instructions will help you to set up credit card payments:
- Firstly, you need to set up credit card accounts.
- Now, choose ‘chart of accounts.
- You have to choose the account or the + icon and then New.
- Choose the credit card option and then select continue.
- Your next task is to type the credit card name.
- You need to type the opening balance and then enter the account’s balance and date.
- Lastly, choose to save and close.
Ques- How I am supposed to set up credit card payments in QuickBooks software?
Ans- You can set up credit card accounts with the help of these steps:
- Initially, choose the chart of accounts.
- Secondly, select account or the plus + icon.
- With this, choose new.
- Now, choose a credit card and then select continue.
- Next, type the credit card name.
- Choose to enter the opening balance and then type the account’s balance and date.
- Lastly, select save & close.
Ques- How to categorize credit card payments?
Ans- The steps will help you to categorize credit card payments:
- First, you will click on the banking menu.
- Now, select the correct account.
- Thereafter, go to the review tab then mark the transactions that you are deleting.
- Hit the batch actions button.
- Choose to exclude.
- Finally, proceed to the excluded tab.