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 when you loaded your trial balance, which you can read about in Chapter 3. (In comparison, you use bank accounts to track the money that flows into and out of a current, savings, or petty cash 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 to display the Chart of Accounts window.

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.