O'Reilly logo

QuickBooks 2013 For Dummies by Stephen L. Nelson, MBA, CPA

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

So What about Debit Cards?

Debit cards, when you get right down to it, aren’t really credit cards at all. Using a debit card is more akin to writing a check than anything else. Rather than withdrawing money by writing a check, however, you withdraw money by using a debit card.

Although a debit card transaction looks (at least to your friends and the merchants you shop with) like a credit card transaction, you should treat a debit card transaction like you treat a check. In a nutshell, here’s what you need to do:

check.png When you charge something to a debit card, record the transaction just like you record a regular check. You may want to enter the transaction number as the check number or in the Memo line so that you can keep track of the transaction.

check.png When you withdraw cash by using a debit card, record the transaction as a regular withdrawal (or transfer to a petty cash account) as if you went to the bank with a withdrawal slip.

check.png When you make a deposit through a cash machine by using a debit card, record the transaction just like you record a regular deposit.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required