How to Update Credit Card Information in QuickBooks?

Credit card transactions and payments are now essential components of any organization. You may keep track of your firm finances and related costs more accurately by recording such transactions properly. It will also help to prepare a flawless fiscal report at the end of a fiscal year. If you are new to QuickBooks and are asking How to Enter Credit Card Payments in Quickbooks Desktop, you have come to the correct spot! Entering credit card payments might be difficult. Fortunately, credit card payments are straightforward to enter into QuickBooks. This tutorial will walk you through the process of reconciling credit card payments in QuickBooks. Following that, we’ll show you how to enter payments in QuickBooks in a few simple steps, so you’ll be an expert in no time!

First and foremost! Before inputting the card payments, you must configure the credit card in QuickBooks. You may alternatively bypass this step and submit credit card payments directly by treating the card as a merchant. But, if you pre-configure the card, you will notice more precise transaction recording. Each transaction will be better monitored by the system, allowing for improved reconciliation of the statements.

How to reset your credit card

You may not be aware of this, but you must reconcile your credit card before entering credit card payments. This prevents mistakes and makes payment entry easier. To get started, navigate to Banking>Reconcile Credit Card. Make a note of your credit card statement.

How Can I Create A Credit Card With QuickBooks Desktop?

  • Click ‘Chart of Accounts‘ to add a new credit card item.
  • Click’New’ in the upper right corner. The screen shown below would display.
  • Under the ‘Account Type’ field, choose ‘Credit Card’.
  • Account
  • Assign a unique name that includes the card’s last four digits.
  • Choose “Save & Close.”
  • Go to the ‘QuickBooks Desktop Products section.
  • Click ‘Corporation’ and then ‘Chart of Accounts’. On your screen, a new screen would emerge.
  • Click ‘Account’ on the lower left of the new screen.
  • Choose ‘New.’
  • Choose ‘Credit Card’ under ‘Account Type.’
  • Hit the ‘Continue’ button.
  • Give the account a suitable name.
  • Choose “Save & Close” to finish.

Methods for changing or updating your credit card information

Before you begin, consider the following. A few things to consider

  • Only a System Administrator or Business Administrator user can make changes to your account’s payment details.
  • Payment information changes must be performed via a web browser using QuickBooks Online. The mobile app will not allow you to change your payment information.
  • If you acquired your QuickBooks Online membership through an app store (iOS or Android), you must change your repayment information directly through the app shop.

At the moment, you can only pay for QuickBooks Online using MasterCard, Visa, or AMEX.    Both EFT and ACH are not accepted. Moreover, if you have QuickBooks Online loaded with Payroll, upgrading your credit card information in QuickBooks Online automatically changes your Payroll subscription.

  • To begin, pick the Gear icon on the Toolbar, followed by Account and Setups.
  • Go to the Payment & Subscriptions tab.
  • Following that, pick the Modify option. Under the Payment Method section,
  • Now Enter the whole credit card information, including the card number, name on the card, expiration date, and CVV or security code.
  • Check that the invoicing/billing address in QuickBooks Online matches the payment address on the credit card statement. Lastly, click the Save changes button.

What are the most common mistakes made while changing credit card information in QuickBooks?

  • The customer only affects partial payments on their credit card bills.
  • Records Payable is used to enter bills for adjusting rotational obligations.
  • All Master Card charges are recorded to a similar cost account. Master Card accounts are not accommodated.
  • With various charge card bills, records payable change is considerable.
  • The prices look to be exorbitantly high.
  • The ledger adjustment appears to be the remedy.

Conclusion

QuickBooks has been nothing short of a blessing for small and medium-sized enterprises. It’s no surprise that it’s become a trend these days, with more and more firms utilizing it as a tool to improve corporate performance. I hope the information above helps you enter and update credit card information on your QuickBooks desktop. I hope it makes your job a lot easier. 

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