Credit Cards are the most common way of funding a new business. (Outside of Friends and Family Loans.)
If the business owner has an excellent credit history, this can be easy way to get some additional capital for the business. However, the funding does come at a price. If it’s for long term debt give serious consideration to applying for a traditional bank loan.
It’s such an establish tradition, that Intuit has added a special screen for the credit card charges into QuickBooks Online. Go to Banking and then Credit Card Expense.
The Following Screen should then populate:
This is an easy to use screen that requires a few keystrokes to work.
First! Enter the Vendor. Use the pull down list to select a previously entered Vendor or select <Add New> at the top of the pull down list. I’ve chosen ‘Fluffy Carrots’ for my vendor.
Then enter the date and the amount:
The next step is the enter the Account or General Ledger code. If you have set them up previously, just use the pull down list to select the correct code. If you need to enter one select <Add One> and then add one. If you don’t know the code, just enter miscellaneous as a code name.
This is what a completed Credit Card Expense screen looks like:
Press Save if finished.
Please note that the Online Access to Credit Cards can be used to download those transactions as well. However, that’s a lesson for a different day!