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Chapter 17. Recording Liabilities > Setting Up Credit Card Accounts

Setting Up Credit Card Accounts

Does your company have a credit card? You can set up a credit card as a separate liability account in QuickBooks. The account can be a subaccount of another liability account, or it can stand alone as a separate item on your balance sheet. Each month, as you make credit card charges, you increase the balance of your credit card liability. When you make payments on the account, you decrease the liability balance. QuickBooks provides the opportunity to reconcile your credit card account every month just as you do your bank account.

Set Up a Credit Card Account

Press Ctrl+A to open the Chart of Accounts list.

Press Ctrl+N to open a New Account window.

Select Credit Card for the Type.

Enter the name for this credit card account.

Indicate whether you want this account to be a subaccount of another liability account.

Enter optional description, credit card number, tax line, and opening balance information.

Click OK.


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