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Struggling to Enter Credit Card Interest

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  • Struggling to Enter Credit Card Interest

    Hi,

    Hope someone can help me, as the title says I am struggling to manually enter the interest which is applied to my business credit card by the bank monthly.

    I'm fine entering payments to it and purchases made with it, but the QB balance on the card is miles out of what it really is, as no monthly interest has been added in QB.

    I've tried to follow the Help in QB and watched some You Tube tutorials, but nothing seems to work.

    Thanking you in anticipation.
    Tracy

  • #2
    In normal operations you can do this in one of two ways.

    Enter the interest when you bring up the account reconciliation screen, or use enter CC charges, select the interest paid expense account and enter the amount.

    Since right now it would seem that some of the interest is this fiscal year, some from other years, you need to determine how much for each.
    interest for this fiscal year can be entered using enter CC charges as I stated above
    interest for past fiscal years, do a journal entry
    debit retained earnings, credit the CC account

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    • #3
      Ah right, thank you Rustler

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