• QuickBooks - Version 2009

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Credit Card Accounts in QuickBooks

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According to RCMP statistics for 2007, losses to consumers and businesses from fraudulent use of credit cards were upwards of $235 million. Businesses often lack the time to reconcile their credit card accounts and are especially susceptible to credit card fraud – if you don’t reconcile your account, you will not notice unauthorized charges.

Proper management of your credit card accounts is essential. This course teaches you the details of entering credit card accounts in QuickBooks. It also shows you how to use credit cards for both purchases and sales. Learn how to track purchases, receive payments and deposit money from credit card sales. This course also offers detailed instruction in reconciling the credit card accounts used for purchases and sales.

Learning Outcomes

• Set up a credit card account for purchases
• Set up credit card vendors
• Enter credit card purchases
• Work in credit card registers
• Pay a bill with a credit card
• Create credit card refunds
• Set up a sales credit card account
• Enter credit card sales that track inventory and that do not track inventory
• Use proper techniques for receiving customer payments paid with a credit card
• Deposit credit card sales to the bank
• Receive payment from credit card processing companies
• Reconcile your Purchases Credit Card Account
• Reconcile your Sales Credit Card Account

Why You Need This Course

Proper management of your credit card accounts is essential to avoiding credit card fraud. This course covers all the bases in credit card account management.

Starting with setup, this course shows you how to add credit card accounts for both purchases and sales. You will learn how to set up credit card vendors and enter credit card purchases.

On the sales side, you will learn how to set up your sales credit card accounts, enter sales, and receive payments from the credit card processing company.

Learn how to use the credit card register to enter and verify credit card charges. You will also be shown how to create refunds and pay bills with your credit card.

This course will also show you how to reconcile your credit card accounts before paying your bills. There are three main steps involved in this process – reconciling the credit card company’s bill against the entries you recorded in QuickBooks, correcting errors, and making payment through a cheque or a vendor bill.

In this course you will walk through the entire QuickBooks reconciliation process and then learn how to create payments using both cheques and vendor bills that you can pay later.

Disclaimer:

Since these courses do not deal directly with specific and individual requirements, it is recommended that students obtain the necessary advice from an accountant, employer, QuickBooks® ProAdvisor® or such other appropriate expert with regards to their specific requirements or guidelines.