How to Set Up a Credit Card Account in QuickBooks 2015

By Stephen L. Nelson

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 in the QuickBooks Setup. (In comparison, you use bank accounts to track things such as the money that flows into and out of a checking, 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:

1Choose Lists→Chart of Accounts.

Or click the Chart of Accounts icon on the Home screen. QuickBooks displays the Chart of Accounts window.

2Click 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.

3Select the Credit Card option.

Selecting Credit Card tells QuickBooks that you want to set up a credit card account. Click Continue. QuickBooks displays the second Add New Account window.

4Type a name for the account in the Account Name text box.

Why not do it right? Move the cursor to the Account Name text box and then enter the name of your credit card.

5Type the card number in the Credit Card Acct. No. text box.

If you’re creating a general Credit Card account for more than one card, leave the Credit Card Acct. No. text box empty. While you’re at it, you can describe the card, too. You might want to type Usury! in the Description text box, depending on your card’s interest rate.

6Click the Save & Close button.

QuickBooks redisplays the Chart of Accounts window. Now, the window lists an additional account: the credit card account that you just created.

7To tell QuickBooks that you want to work with a credit card account, you use the Chart of Accounts window. Choose Lists→Chart of Accounts.

After you display the window, double-click the credit card account that you want to use. QuickBooks displays the Credit Card register so that you can begin recording transactions.

As an alternative to the Chart of Accounts window, you can click the Enter Credit Card Charges icon in the Banking area of the Home screen. Or you can also choose Banking→Enter Credit Card Charges.