Probably Stupid Question

Posted by News on April 27, 2009, 5:20 pm

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Ok, I got a new company credit card. Used it for a balance transfer to a
card that kept raising my rate for no reason. I can't figure out how to
enter my monthly bill's minimum payment. I mean, if I "enter bill" QB adds
that to the total owed. How can I enter the monthly minimum payment to my
bills (as a reminder when it's due)?
This is what happens when you put an engineer in charge of finance <grin>.
Any help or comments (except stupid engineers) appreciated.
Dusty

Posted by Laura on April 27, 2009, 8:14 pm

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> Ok, I got a new company credit card. Used it for a balance transfer to a

> card that kept raising my rate for no reason. I can't figure out how to

> enter my monthly bill's minimum payment. I mean, if I "enter bill" QB adds

> that to the total owed. How can I enter the monthly minimum payment to my

> bills (as a reminder when it's due)?

> This is what happens when you put an engineer in charge of finance <grin>.

> Any help or comments (except stupid engineers) appreciated.

> Dusty

Assuming you have set up the new credit card in QB as a credit card type
instead of a Bank type, use the Banking>>enter credit card charges option.
Change it to a Refund/credit. Use the credit card company as the Payee and
the bank account paying the cc payment in the "expense" account. Now select
edit>>memorize credit card credit. Have it prompt you to approve the payment
so you can change the amount if you need to.

Posted by Dusty on April 27, 2009, 9:08 pm

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Wow,
That was fast. Thanks A bunch, I sincerely appreciate it
Dusty

>> Ok, I got a new company credit card. Used it for a balance transfer to a

>> card that kept raising my rate for no reason. I can't figure out how to

>> enter my monthly bill's minimum payment. I mean, if I "enter bill" QB

>> adds that to the total owed. How can I enter the monthly minimum payment

>> to my bills (as a reminder when it's due)?

>> This is what happens when you put an engineer in charge of finance

>> <grin>.

>> Any help or comments (except stupid engineers) appreciated.

>> Dusty

> Assuming you have set up the new credit card in QB as a credit card type

> instead of a Bank type, use the Banking>>enter credit card charges option.

> Change it to a Refund/credit. Use the credit card company as the Payee and

> the bank account paying the cc payment in the "expense" account. Now

> select edit>>memorize credit card credit. Have it prompt you to approve

> the payment so you can change the amount if you need to.

Posted by StacyQB on April 30, 2009, 10:06 am

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This is not a stupid question, it's actually a very common one!

The best thing to do is exactly what the first reply says: Go to the
banking menu and enter credit card charges (better yet, if the cc has
the functionality, make use of online banking and download the
transactions, much faster!). To insure that a bill/payment is applied
properly, you need to make sure that you reconcile this account with
each statement. When you complete the reconciliation, QB gives you the
option to write a check directly or enter a bill to be paid - the
default amount for each choice is the full balance on the card, but
you can override that to the minimum or whatever amount you plan on
paying.

If you make any additional payments between statements, you can either
enter or bill or a check, and make sure that you do not post to any
expense account - you want to post to the credit card account
directly.

Stacy Kildal
Kildal Services LLC
www.kildalservices.com

Certified Public Bookkeeper
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