You deserve having things done right.ĭid you find this QuickBooks training tip useful? If so, I would love for you to leave a comment below.Hey there, for adding additional information about the issue. Shortcuts may help your bookkeeper, however you as an owner deserve accurate reports that can help you make business decisions. Always post each charge to the proper expense account. Further, tracking down the details of any one specific charge becomes a headache.Įnter each credit card charge into QuickBooks individually, using the real vendor name and the actual date of the transaction.
Want to know which vendor you spend the most money with? You can’t if you’re not entering individual charges. If individual credit card charges don’t get recorded with their actual vendor names, you lose a whole layer of information that could be very useful. Small business owners that make decisions based on their financial reports never lump expense together this way. You lose track of when expenses are incurred resulting in erroneous reports: When everything gets entered into QuickBooks on the same date (the date of the credit card statement) it distorts reality for multiple accounting periods.You lose a proper accounting that includes all expenses.lumps all of the credit card charges into one account leaving further categorization for a year end adjustmentīut who can run a small business without knowing what the real numbers are? The above methods of handling credit card receipts aren’t sound bookkeeping practice for several reasons:.breaks the credit card statement down into multiple expense accounts,.enters the total amount onto a single bill or check in QuickBooks, or.Once the bookkeeper has the statement (or once the business owner has the statement, if there isn’t a bookkeeper in place) he or she does one of the following: Instead, they wait until they receive a credit card statement in the mail. Many bookkeepers don’t enter each credit card charge individually into QuickBooks. Sounds great, right? Well it is, unless you’re making this mistake: Not entering individual charges into QuickBooks. And for some, credit cards help them stay organized by aggregating all their expenses on one statement.
Some small businesses use their credit cards as a line of credit. If you’re like many small businesses, you use your credit card to pay for as many small business expenses as you can: gas, office supplies, travel, meals, etc. Don’t Make this Mistake with QuickBooks and Credit Card Receiptsĭecemby Ed Becker A simple, but helpful tip from my QuickBooks training files
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