Business Invoice Paid By Personal Credit Card

Business Invoice Paid By Personal Credit Card

I use QuickBooks. My boss paid a vendor invoice with a personal credit card which is also paid from the same bank account as the vendors. How do I post this to QuickBooks?

Credit Card Charges Bookkeeping Question

(Cinti)

Credit Card

If something is charged in December of 2010 and the charge card is paid later with a check in January of 2011 Is it deducted on 2010's taxes or 2011's.

I am on a cash basis not accrual.

Credit Card Fees

Credit Card Fees

Should Credit Card Merchant Fees be an expense, or put into Cost of Goods Sold account?

Credit Card Transaction

Hi, I am a bit confused on how to treate such a transaction.

Credit card was used to purchase some goods.
But the invocie has not been received yet.

It's the month end and I need to close the book.

So far, I have accrual them. is this correct?

The issue is that the credit card account won't be reconciled. becasue I am doing

Journal entry
Dr expense
Cr accrual

What is the best way to handle this situation?

P.S Let's say it's not possible to get the invoices

Credit Cards

I am a new bookkeeper doing books for a new client that has not done any bookkeeping since she opened her business in April. This client received a business credit card and has it maxed out already. How is this entered into the business and what accounts do I use as it has to be paid off in payments?

Hello, thank you for your question. You will need to set up a credit card account in the chart of accounts.

Whenever an expense is charged through the credit card the expense account will be debited and the credit card account will be credited.

When you make payments towards the credit card you will credit the bank account and debit the credit card account.

You should also make sure to reconcile the credit card monthly just as you would do for the bank checking and savings accounts.

Regards!

Merchant Credit Card Fees

When I receive a credit card payment of, lets say, $100. But the merchant credit card company only deposits into my account $97.50 due to deducting $2.50 for their fees.

In QuickBooks I enter the income as $100 and make a deposit into my bank of $97.50. The $2.50 is money I possess but it is a liability to the merchant company until they deduct that amount at the end of the month from my bank account.

When I make the actual deposit in QuickBooks it does not allow me to hold back and put $2.50 in an Expense account. Only into a Liability account until it is paid. How can I book it in QuickBooks as an Expense?

Posting Negotiated Credit Card Debt

by Linda
(Austin TX)

My client had several credit cards that she negotiated a debt settlement. After I post the the final payment, how do I write off the balance?