Tracking Business Credit Cards
If you want to track credit card spending and balances with QuickBooks, you need to set up a credit card account — if you didn’t already do so in the QuickBooks Setup, which you can read about in Chapter 2. (In comparison, you use bank accounts to track things such as the money that flows into and out of a checking, savings, or petty cash account.)
Setting up a credit card account
To set up a credit card account, you follow roughly the same steps that you use to set up a bank account:
1. Choose Lists⇒Chart of Accounts.
Or click the Chart of Accounts icon on the Home screen. QuickBooks displays the Chart of Accounts window, as shown in Figure 9-1.
2. Click the Account button in the lower-left corner of the Chart of Accounts window and then choose New.
QuickBooks displays the first Add New Account window, which simply displays a list of option buttons corresponding to the different types of accounts QuickBooks allows.
3. Select the Credit Card option.
Selecting Credit Card tells QuickBooks that you want to set up a credit card account. I’m sure that you’re surprised. Click Continue. QuickBooks displays the second Add New Account window, as shown in Figure 9-2.
4. Type a name for the account in the Account Name text box.
Why not do it right? Move the cursor to the Account Name text box and then enter the name of your credit card.
5. Type the card number in the Credit Card Acct. No. text box.
If you’re creating a general Credit Card account ...