Did you know that 84% of US adults have credit cards?
Did you know that 84% of US adults have credit cards? In today’s world, it is important that a business not only accepts credit cards but also knows how to properly integrate them into their accounting software. In some cases, major credit cards may have the option to integrate directly with QuickBooks, so the user does not need manual entry. But most vendor cards, such as store cards or lines of credit, may not have this option, which is why it’s essential that you know how to reconcile the company’s activity with the credit or vendor statement. This can help you find any discrepancies between your digital ledger and actual card balances.
In this course on QuickBooks Pro 2022: Using Credit Cards, we will explain how to customize the chart of accounts for credit cards. We will also explain how to manually enter and reconcile credit card transactions, as well as how to accept credit card payments from customers and apply these payments to invoices.
LEARNING OBJECTIVES
- Learn how to enter credit card statement transactions manually in QuickBooks Pro 2022
- Explain how to reconcile credit card and vendor accounts in QuickBooks Pro 2022
- Describe how to apply credit card payments to invoices in QuickBooks Pro 2022
Skills you’ll gain
Credit Card ApplicationsCredit/Debit Card ProcessingPayment ProcessingQuickBooks (Accounting Software)QuickBooks CertificationAccounts Receivable/Billing FundamentalsWhat You'll Learn
- Customize the chart of accounts for credit cards in QuickBooks Pro 2022
- Enter credit card statement transactions manually in QuickBooks Pro 2022
- Reconcile credit card and vendor accounts to find discrepancies between the digital ledger and actual card balances
- Accept credit card payments from customers in QuickBooks Pro 2022
- Apply credit card payments to invoices in QuickBooks Pro 2022
Key Takeaways
- For businesses, properly integrating credit cards into accounting software is as important as accepting them.
- Some major credit cards may integrate directly with QuickBooks, removing the need for manual entry, while most vendor cards such as store cards or lines of credit may not.
- Reconciling company activity against the credit or vendor statement helps find discrepancies between the digital ledger and actual card balances.
- The course covers customizing the chart of accounts, manually entering and reconciling credit card transactions, and accepting and applying customer credit card payments to invoices.
Frequently Asked Questions
What does this QuickBooks Pro 2022 course cover?
It explains how to customize the chart of accounts for credit cards, manually enter and reconcile credit card transactions, and accept credit card payments from customers and apply them to invoices.
Why is reconciling credit card and vendor accounts important?
Because most vendor cards, such as store cards or lines of credit, may not integrate directly with QuickBooks, reconciling the company's activity with the credit or vendor statement helps find discrepancies between your digital ledger and actual card balances.
What lessons are included in this course?
The course includes three lessons: Tracking Credit and Vendor Card Activity in QBDT, Reconciling Credit Card Accounts, and Accepting Credit Cards from Customers.
What skills does this course help build?
It builds skills in credit card applications, credit/debit card processing, payment processing, QuickBooks accounting software, QuickBooks certification, and accounts receivable/billing fundamentals.
Transcript
The full transcript is available inside the lesson player once you start the course.
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