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How Do I Record Debit Card Transactions in QuickBooks Desktop & Online

Keeping financial records is an important step for every

Keeping financial records is an important step for every business, regardless of the type of product or services it provides. QuickBooks is considered a powerful tool that provides an extensive solution for financial management and allows users to track and record many transactions, including debit card transactions.       

Classifying Debit Card Transactions

If the services or items are paid on the spot, then you can utilize a cheque or expense to record a transaction. 

Alternatively, if the transitions are supposed to be paid afterward, you can record them as bills and pay them using the Bill payment feature. Always remember that bill payments can only be utilized to mark your open bills as paid. If you record your transactions using the Expense feature, then they are considered paid.   

Following are the things that you’re required to know if you want to record this as a bill: 

  • Record any services or items received that you will pay for late, even if no actual bill has been received from the supplier. 
  • Entering bills from suppliers ensures accurate reporting of your Accounts payable, particularly if you use accrual accounting. 
  • Tracking supplier balances by entering bills is crucial for knowing how much you owe your suppliers.

How to Record Debit Card Transactions in QuickBooks Desktop?

There are two methods through which you can record debit card transactions in QuickBooks Desktop. 

Method 1: Using Write Checks Tab

You have the option to use the Write Checks feature to record the transaction in QuickBooks. Let’s use the check number field to identify it’s a debit charge.

Follow the mentioned steps below:

  • First, click on the Banking tab from the top menu bar. 
  • Now, choose Write Checks.   
How Do I Record Debit Card Transactions in QuickBooks
  • Then, ensure that you have unchecked the box beside Print Later. 
  • Enter Debit Card in the Check number field. 
How Do I Record Debit Card Transactions in QuickBooks  
  • After this, enter the required information. 
  • Lastly, click on the Save & Close option.  

To view the transactions on your register, follow these steps: 

  • First, click on the Lists tab from the top menu bar. 
  • Now, choose the Charts of Accounts. 
  • Then, Double-click on the account name.  

Method 2: Using Write Checks Tab

Mentioned below are the steps through which you can record debit card transactions: 

  • First, navigate to the Banking menu.
  • Now, go to the cash expense tab. 
  • Then, below the cash account section, enter your bank account. 
  • After this, enter the code related to the debit card. 
  • Click on the purchase from/pay to the order of option. 
  • Enter the vendor’s details after selecting the vendor from the list. 
  • If there is a new vendor, then click on the add new and add details option. 
  • Now, along with the date, type the purchase amount. 
  • You can record the charges by adding the expense account under the account section. 
  • Lastly, click on the Save option.  

How Do You Track QuickBooks Debit Card Purchases? (Offset Tendered Bills)

If there are some bills that are still under investigation and are not completed, they go under offset tendered bills.

You can track these bills easily for your merge vendors. Follow the steps mentioned below: 

  • First, open QuickBooks and navigate to the vendor’s section. 
  • Now, under the vendor section, choose the pay one vendor option. 
  • Then, after choosing the bank account under the payment account. The bank account should remain the same one where the account is to be deducted. 
  • Untick the option to be printed, and if it’s already unmarked, then skip it.
  • Under the check number tab, add the debit card name or number. 
  • After this, resume further by adding the purchase amount and date. 
  • Click on the bill payment information option. 
  • Choose the bill that you have paid through a debit card. 
  • Lastly, click on the save and close option. 

How Do You Record Refund Of QuickBooks Debit Card Purchases?

There are times when the payment does not go through and is canceled. It can be because there are some issues in the deal, and the deal is canceled. In this situation, you will receive a refund of the money that has already been paid with a QuickBooks Debit Card.

Follow the steps below to include them back into your books: 

  • First, open QuickBooks and click on the gear icon in the left panel. 
  • Now, navigate to vendors and select bills. 
  • Then, select Enter Bills. 
  • Choose the credit option. 
  • Now, you’re required to add the seller’s data. 
  • Give the date on which the refund happened, along with the information in the memo section. 
  • Under the expenses section, add the similar account that you’ve used for making QuickBooks Debit Card purchases. 
  • Now, the sales tax will be automatically calculated by QuickBooks. 
  • Then, add the whole refund amount but in negatives. 
  • After this, instantly click on recalculate. This will turn the entire credit amount to zero. 
  • Click the save and close option. 
  • You’ll notice the refund amount in deposits and other credit options.  

How to Record Debit Card Transactions in QuickBooks Online?

Follow the steps mentioned below to record debit card transactions by creating a Cheque in QuickBooks Online:

  • First, choose + New. 
  • Now, choose a Cheque. 
  • Then, select the Payee from the drop-down menu. 
  • Choose the account the cheque withdraws money from the Bank account drop-down menu. 
  • Fill in all the information on the cheque fields you need. 
  • Choose the Print option. 
  • You can choose the Save and Close option to close the cheque window, or you can select Save and New if you need to create another cheque. 

Note: If you opt for the Save option, the cheque will be added to your bank register. 

Record an EFT, ATM, or debit card payment for an open bill

  • First, choose + New. 
  • Now, choose Expenses, then Vendors. 
  • Choose the vendor with the bill you wish to pay, then choose the bill. 
  • Select Make payment from the Action column. 
  • Select the bank from the Bank/Credit account drop-down menu. 
  • Uncheck the Print Later option. 
  • Enter a note in the Ref no. section to recognize which payment it is. 
  • Complete the information, such as the payment date and amount.
  • Choose the bill or bills you’re recording a payment for from the Outstanding Transactions Section. 
  • Lastly, Choose Save and Close. 

Record an expense paid by EFT, ATM, or debit card

You can use this option if you have paid for something that doesn’t have a bill in QuickBooks. 

  • First, choose the + New option. 
  • Now, choose the Expense. 
  • Choose the account that you’ve used to make the payment from the Payment Account drop-down menu. 
  • Enter a note in the Ref no. section to recognize which payment it is. 
  • Choose Payee ( this step is optional) 
  • Now, enter the Payment date. 
  • Choose the Expense account to use from the Category details column. 
  • Enter the payment amount from the Amount column. 
  • Lastly, choose the Save and Close option.  

Whether you own a small business or are a financial professional, entering debit card transactions in QuickBooks is crucial for maintaining correct and organized financial records.  

By : July 8, 2024
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