Quickbooks
June 22, 2017

Post QuickBooks Online credit card transactions

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This weeks video blog walks through the steps to post credit card payments in QuickBooks.  In order to post quickbooks online credit card transactions after you import them, you need to either match or add them, so they are included in your books.

You can exclude, match, or add your credit card transactions in quickbooks. In this video I walk you through the steps to do each, so your records will be up to date when you come to reconcile your credit card account.

If you have any questions, or encounter any difficulties posting your transactions don’t hesitate to reach out.  You can comment below, or contact me directly.

Video transcript:

Hi! Kerry here from MyQuickBookKeeping. In a previous video, I walked you through the steps to import your credit card transactions. Today, I’m going to show you what to do with them.

Here we are at the dashboard. Select Banking in the left-hand margin, then select the account that you’ve imported the transactions for. As you can see, I’m going to do my TD USD Visa. I selected this one as I recently started using it for my business. So, there will be a mix of personal and business and I can show you what to do with them.

Now, I know that I’ve reconciled this card up to April 14th, so anything imported before that date has been accounted for. So, I’m going to scroll down to the bottom and just see what’s here. Here we have three transactions before that prior reconciliation date. Normally, this wouldn’t be something that would happen but I’ve just started using this for business so these are old things, I need to exclude them.

If you’ve used your card for a mixture of business and personal, and you’re not going to be reconciling your account, then this is what you would do to get rid of any of those personal transactions. So, I’m going to scroll back up to the top and under the Batch actions, I’m going to exclude those Selected transactions. They’re now gone.

So let’s have a look at these transactions that QuickBooks has matched. What QuickBooks has done on the import is it looked up what its brought in compared to what is sitting in my accounts already. So, let’s have a look here. Yup, this one’s correct. Oh, look this. There’s a place to add an attachment. So, if you have receipt of some sort that you would like to record against this expense, you can add the attachment here then you’ll have it for tax returns or whatever else you need it for in the future or even for billing out to clients.

I’m going to match this one. It has disappeared. Let’s open up this one, matched, disappeared, and this one, matched and it just disappeared. So now, what have we got left here? These are the ones that we need to work out, where they go. QuickBooks once again has used its brains to try to work out how these things should be processed. Now we need to review them and see if it’s correct.

So, first of all here I have some QuickBooks charges, web subscription cost. That looks correct. Upwork, yup they do my video editing. Probably done this one. That one is correct, annual fee, bank charges. See QuickBooks gets pretty clever. Now look at this one here, Stubhub, that’s definitely personal. So I’m going to expand it out here. I’m going to, now what I do with my personal expenses is I put them against my petty cash. I sometimes spend money for the company myself so then this here would just be offsetting that. You might want to set up a loan account or something. That is where you put your personal expenses so I’m going to add this one in here. And I want to record it because I want all of the transactions included so that I can do a full reconciliation when we’re done.

Now, here we have Line2. That’s my telephone, that’s correct. This one here, Sunny D., this is not office supplies. This was training. Training actually for making videos like this. I have to choose tax. Now I believe she’s exempt, in the US, so I’m going to put that but I will come back and I will check that later. For now, let’s go with that. Upwork again, yes that’s video. Subscription cost is correct. And here we have an interest adjustment. So, I’m going to put that against the interest expense that would be offsetting because it’s an adjustment to expenses we had before.

Okay, so all of these entries have now been reviewed and classified, so I’m going to accept them. I think we have to pop in here, to accept them do we? Now, for all of these transactions here that we were just happy with where they went, we do need to actually add these. So click in Add and it wants to know what the GST is so because this is once again US purchase, exempt and no, we don’t want that to be the default for my web subscription cost because a lot of those are actually Canadian.

Upwork, once again this is an exempt one. Most of the time I have my, the categories of all the vendors set up so that this is already done when it comes in. That makes it a lot easier when you move forward. Wow, a lot of these US expense, it’s my USD credit card; of course, most of these are US. That makes complete sense now, doesn’t it? And here we go again, add this exempt. This one here would also want a tax code. Yes it does but this one’s US so it’s exempt. And the annual fee doesn’t have GST on it, that’s exempt also.  So normally, you’d want to know what tax code you’re using for all the different expenses and just make sure they were put in here.

Now if we have a look at this in QuickBooks tab, we can see all of these items that we’ve just gone through, have all been accepted to QuickBooks. So now when we go, we can reconcile our account and we’ll have everything posted. So we can do that together next time.

Hopefully, that’s taken some of the mystery of what to do with your transactions after you’ve imported them. Remember if they don’t belong there, you can exclude them. However, if you’re reconciling your account and have personal charges, it’s better to post them to your local or personal accounts so your records are complete. Next time, we’ll reconcile the account.

If you’d like to sign up for QuickBooks, you can do so using the link below. If this has been helpful, be sure to click like and subscribe to my channel. And if there’s anything else you’d like to know about, please make a note in the comments below and my next video could be for you.

Cheers!


This weeks video blog walks through the steps to post credit card payments in QuickBooks.  In order to post quickbooks online credit card transactions after you import them, you need to either match or add them, so they are included in your books.

You can exclude, match, or add your credit card transactions in quickbooks. In this video I walk you through the steps to do each, so your records will be up to date when you come to reconcile your credit card account.

If you have any questions, or encounter any difficulties posting your transactions don’t hesitate to reach out.  You can comment below, or contact me directly.

Video transcript:

Hi! Kerry here from MyQuickBookKeeping. In a previous video, I walked you through the steps to import your credit card transactions. Today, I’m going to show you what to do with them.

Here we are at the dashboard. Select Banking in the left-hand margin, then select the account that you’ve imported the transactions for. As you can see, I’m going to do my TD USD Visa. I selected this one as I recently started using it for my business. So, there will be a mix of personal and business and I can show you what to do with them.

Now, I know that I’ve reconciled this card up to April 14th, so anything imported before that date has been accounted for. So, I’m going to scroll down to the bottom and just see what’s here. Here we have three transactions before that prior reconciliation date. Normally, this wouldn’t be something that would happen but I’ve just started using this for business so these are old things, I need to exclude them.

If you’ve used your card for a mixture of business and personal, and you’re not going to be reconciling your account, then this is what you would do to get rid of any of those personal transactions. So, I’m going to scroll back up to the top and under the Batch actions, I’m going to exclude those Selected transactions. They’re now gone.

So let’s have a look at these transactions that QuickBooks has matched. What QuickBooks has done on the import is it looked up what its brought in compared to what is sitting in my accounts already. So, let’s have a look here. Yup, this one’s correct. Oh, look this. There’s a place to add an attachment. So, if you have receipt of some sort that you would like to record against this expense, you can add the attachment here then you’ll have it for tax returns or whatever else you need it for in the future or even for billing out to clients.

I’m going to match this one. It has disappeared. Let’s open up this one, matched, disappeared, and this one, matched and it just disappeared. So now, what have we got left here? These are the ones that we need to work out, where they go. QuickBooks once again has used its brains to try to work out how these things should be processed. Now we need to review them and see if it’s correct.

So, first of all here I have some QuickBooks charges, web subscription cost. That looks correct. Upwork, yup they do my video editing. Probably done this one. That one is correct, annual fee, bank charges. See QuickBooks gets pretty clever. Now look at this one here, Stubhub, that’s definitely personal. So I’m going to expand it out here. I’m going to, now what I do with my personal expenses is I put them against my petty cash. I sometimes spend money for the company myself so then this here would just be offsetting that. You might want to set up a loan account or something. That is where you put your personal expenses so I’m going to add this one in here. And I want to record it because I want all of the transactions included so that I can do a full reconciliation when we’re done.

Now, here we have Line2. That’s my telephone, that’s correct. This one here, Sunny D., this is not office supplies. This was training. Training actually for making videos like this. I have to choose tax. Now I believe she’s exempt, in the US, so I’m going to put that but I will come back and I will check that later. For now, let’s go with that. Upwork again, yes that’s video. Subscription cost is correct. And here we have an interest adjustment. So, I’m going to put that against the interest expense that would be offsetting because it’s an adjustment to expenses we had before.

Okay, so all of these entries have now been reviewed and classified, so I’m going to accept them. I think we have to pop in here, to accept them do we? Now, for all of these transactions here that we were just happy with where they went, we do need to actually add these. So click in Add and it wants to know what the GST is so because this is once again US purchase, exempt and no, we don’t want that to be the default for my web subscription cost because a lot of those are actually Canadian.

Upwork, once again this is an exempt one. Most of the time I have my, the categories of all the vendors set up so that this is already done when it comes in. That makes it a lot easier when you move forward. Wow, a lot of these US expense, it’s my USD credit card; of course, most of these are US. That makes complete sense now, doesn’t it? And here we go again, add this exempt. This one here would also want a tax code. Yes it does but this one’s US so it’s exempt. And the annual fee doesn’t have GST on it, that’s exempt also.  So normally, you’d want to know what tax code you’re using for all the different expenses and just make sure they were put in here.

Now if we have a look at this in QuickBooks tab, we can see all of these items that we’ve just gone through, have all been accepted to QuickBooks. So now when we go, we can reconcile our account and we’ll have everything posted. So we can do that together next time.

Hopefully, that’s taken some of the mystery of what to do with your transactions after you’ve imported them. Remember if they don’t belong there, you can exclude them. However, if you’re reconciling your account and have personal charges, it’s better to post them to your local or personal accounts so your records are complete. Next time, we’ll reconcile the account.

If you’d like to sign up for QuickBooks, you can do so using the link below. If this has been helpful, be sure to click like and subscribe to my channel. And if there’s anything else you’d like to know about, please make a note in the comments below and my next video could be for you.

Cheers!


Still need help?
Check this out.

Let's go!

Still need help?

We have what you need. Check out our courses and free resources to get more help managing your finances.

Let's go!