QuickBooks question

[Cindy D]

OK, I'm not feeling very well, smart at this moment...

In QuickBooks you can pull up your Profit/Loss detail: Under Expenses I have listed "Company Visa. Does the number generated reflect how much I paid out for the biz credit card or am I missing something? I enter individual CC charges/payments in the Credit Card drop down menu, thus I assume the Expense categories of Office Supplies, Professional Development etc. would include those items bought on my CC. What would this CC expense amount be?

Am I clear about this? Can you tell I'm doing taxes now???

Sigh.

 

[Arly]

What does it cost to have your credit card? Are there annual fees attached? Have you accounted for that expense, anywhere? Maybe this is it.

If not, I only sound like I might have a clue because I haven't even started my taxes yet.

 

[Cheesebrady]

No annual fees. I'm going to do a more detailed report to see where I might find the answer.

thanks for your reply

 

[Bethenia]

Another thing is interest you pay, if/when you carry a balance.

 

[Christopher A]

download your statements

From a tax perspective, simple "Payments to Credit Card companies" don't give the necessary detail required to classify your expenses properly.

You need to go to your credit card company's website and sign up for online access using QuickBooks WebConnect.

When you get your id and password from the CC, go to Quicken's On Line Banking menu and Add Financial Institution - which is your CC.

Then you can go online and download your statment into QB. You can then classify each individual purchase to the proper expense category. All of this increases the balance on your CC account.

Then you make a payment against the account and it reduces your balance to zero. Do the same thing next month, but instead of adding every transaction to your register one at a time, you hit ADD MULTIPLE and it matches the new transactions to your history and automatically categorizes them for you.

 

[blackoutparty111]

How slick is that? Thanks for that info!!