Blogs

Feature-rich accounting software is the basic requirement of businesses to compete with one another. Intuit provides that software suffice the accounting needs. They offer two products i.e., QuickBooks Desktop and QuickBooks Online to help manage the complete expenses with enhanced accounting benefits.

With the increased demand for strong accounting concerning large businesses, QuickBooks provides a variety of features to improve scalability. The data of bulk credit card transactions can be managed with the help of various software and the data file can also be easily imported into QuickBooks.

The trial version of one of the desktop software can be downloaded from the Dancing Numbers website which extends its support for QuickBooks Pro, Enterprise, Premier, and Accountant Editions.

This software allows to import credit card transactions into QuickBooks Desktop easily.

How to import credit card transactions into QuickBooks Desktop?

To help in importing the file data to QuickBooks, Dancing Numbers allows an easy yet efficient process. Let us follow the steps below: -

• Select the Import option in the File menu or hit the Import button shown in the Dashboard screen, it allows you to navigate the File Selection screen.
• Now in the Import Wizard, choose from the QuickBooks Transaction Type. Here, we require Credit Card Statement as the transaction type. Then after selecting Credit Card Statement, select the Browse File option. It allows you to choose the file from a local folder on your computer.
• Or you can click on Sample Templates for navigating its sample file.
• The next step is mapping in which mapping of the file columns according to QuickBooks fields is set up. It is done automatically when the Dancing Numbers template file is used. Then you can download the Sample Template file.
• Then check your file data in the Review Grid screen. After that click the Send to QuickBooks option for uploading the data to QuickBooks.
• That’s it! The importing of the Credit Card transactions will be completed.

Ways for importing credit card transactions into QuickBooks Online

*To import the file data of credit card transactions into QuickBooks Online (QBO). Let us follow the below steps: -
*

• Firstly, you need to choose the Banking option from the menu tab on the left side.
• Then go to the upper right side and select the Update button.
• After that click on Update Now.

*Or set up the mapping of the transactions. It can be done as follows: -
*

• Select Banking from the left side Menu bar.
• Then hit on the Browse option to select from the saved bank file on the computer.
• Click on Next.
• If the CSV file has not been downloaded, continue to follow the shown instructions in the Upload file window. It lets you download the transactions data file. Thereafter, select the downloaded file.
• Then choose the required credit card account from the drop-down list of QuickBooks Account. Click on Next.
• Now set up mapping the statement fields as per the CSV file format. Click Next.
• Then choose the checkboxes to import the required transactions and hit the Next button and then click on Yes.
• When the Import Completed notification is shown on the screen then hit the Let’s go button.
• Click on Upload transactions manually (if no account is connected previously). Otherwise, begin uploading the transactions from the Import Data page. It is done by selecting the Gear icon from the Tools option page. After that select Import Data, and then choose Bank Data.

Here, the process of importing the credit card transactions to QuickBooks Online is completed.

Note: The QuickBooks can handle only 3-column or 4-column format. So, before uploading the credit card statement file to QuickBooks Online, the downloaded file from the bank should be formatted correctly.

Also, checking the file size should be considered and it should be within the supported range of up to 350 KB. And to keep it at optimal value, the transactions should be downloaded in small batches.

Conclusion

Following the discussed process, the importing of credit card transactions to QuickBooks Desktop (QBDT) and QuickBooks Online (QBO) can be done with ease and effectiveness. In case, you encounter any issue with the above steps, you can get the suggestions, required video tutorials, and help from the QuickBooks website. It will provide convenience and support for using the software efficiently.

QuickBooks might be one of the most sophisticated and popular business accounting software at the present and the application which rules the space of business utilities in the virtual world, but it certainly cannot counter or replace all the nitty-gritty of the business that takes place in the real world. One of the harsh realities for business owners is bad debt. Occasionally when an organization has done everything they possibly could to get their payments back and remained unsuccessful in doing so, then they have to write them off as debts.

This blog will guide you in getting bad debt off the back of your financial accounting software by giving you step-by-step information about how to write off bad debt in QuickBooks.

What is bad debt and why you should write them off in QuickBooks?

Bad debt is the amount that a company or business fails to recover because the person, group, or company that has taken the debt cannot pay the debt for some reason or has gone bankrupt. When you are reconciling the accounts in QuickBooks, then issues related to debt can have consequences on the profit and loss reports as well as sales and income statements of a company.

There are some businesses such as that of finance companies where sales are made on credits and there is a need to have a separate bad debt account. When bad debts are written off in QuickBooks only then will the invoices get cleared from the account receivables and you will get the accurate profit amount in QuickBooks.

What are the steps to write off bad debt in QuickBooks?

Step 1-Examining the Account Receivables Aging Report

Use the Accounts receivable Ageing Details report to check the receivables or invoices which are bad debt. For this follow these steps-

• From the Reports menu, open an Accounts Receivable Ageing Detail Report.
• Examine those outstanding accounts receivable which should have been written off.

Step 2- Creating a Bad Debt Account

• For this, go to settings and choose Products and Services.
• Click on New and then on non-inventory.
• Write “Bad debts “in the Name field.
• Click on Bad Debts, click on Income Account.
• Lastly, click on Save and close.

Step 3 - Setting up a bad debit item

• Firstly, go to settings and click on products and services.
• Click on New and then on Non-Inventory.
• Now enter “Bad debts” in the name field.
• Choose the Bad Debts option from the Income account.
• Press Save and close.

Step 4- Creating a credit memo

• Click on New and choose the Credit note option.
• From the Customer drop-down menu, click on Customer.
• Click on Bad Debts in the product/service column.
• Provide the amount to be written off in the amount field.
• Now in the box displaying “Message displayed on the statement “, click on “Bad Debt”.
• Click Save and close.

Step 5 - Implementing the Credit Memo to an Invoice

• Click on New.
• From the customer's option, click on Receive Invoice Payment / Receive Payment.
• Choose the right customer from the customer dropdown.
• Select the credit note from the credits section.
• Click on Save and Close.

Step 6 –Running a bad debts report
An Account Quick Report can be executed to review the receivables tagged as a bad debt.

• First, go to settings and click on Chart of Accounts.
• Select Run Report from the Action column of the bad debts account.

Conclusion

We hope that using the information and the resolution mentioned above, a bad debt account can be set up in QuickBooks, reports could be run efficiently and all the bad debts and unpaid invoices can be easily viewed. You may now continue to successfully run your business without fiscal disparities caused by bad debts.

Source: Dancing Numbers

FAQs
Q. How to run a bad debt report on QuickBooks?

A. A bad debt report can be run by clicking Chart of accounts, then searching for Bad debt, and clicking run report.

Q. How can tell from a bad debt entity from other customers?

A. You can add a note to the customer’s name by selecting customers from the sales menu, choosing the customer’s name, editing it, and entering “Bad debt “or “No credit “ in the Display name as a field.

With explanatory steps, this article will help you to learn how to recover deleted invoices in QuickBooks.

Here users can learn steps to Delete an Invoice in QuickBooks Online. Invoices are generally issued to the customer in case the customers require an extended period of payment.

In article we have discussed about QuickBooks 2022 Release; QuickBooks Desktop 2022 Moves to Subscription only Mode. Know about complete information about QuickBooks Desktop 2022 Launching.

Here you can get complete information about your question Record Returned or Bounced Check in QuickBooks Desktop & Online. Also learn About Enter a Bounced Checks in QuickBooks Online Using Journal Entry.

Here you can learn how to import excel file into QuickBooks. You will need this option to import customer, vendor items, payroll list, and transactions from time to time.

This article will help you to guide on how to import your accountant's changes into your company file in QuickBooks Desktop.

Timesheets are used to store employees' hours of working and creating paychecks. Users can also use it to create customer's invoices. Hence it's important to import timesheets entries into QuickBooks for better management of employee payroll. So let's find out how to import timesheet entries into QuickBooks Desktop.

Learn how to delete a bank account in QuickBooks Desktop & Online. You will be having two options; the first one is obviously to delete a bank account permanently and the second being deactivated the account that comes with a later recovery option.

Know the steps to Importing custom Invoice Templates in QuickBooks Online. You can include details like company name and logo, this leaves long lasting impression on your customers and they will prefer you as a supplier.

In this article learn how to Convert From QuickBooks Desktop to QuickBooks Online, Convert and Migrate. Many users are using QuickBooks Desktop and while working they also need to move QuickBooks Desktop to QuickBooks Online.

You can easily Import Sales Tax Group Items from Excel to your QuickBooks Desktop directly through Dancing Numbers (Desktop).

Learn how to import CSV into QuickBooks Desktop. CSV files can be understood as simple text files which include vital tabular data and each of its fields is at a distance with a comma separating them.

In business, chart of accounts is very helpful for the accountants, since it helps in proper bookkeeping and efficient business functioning.

Cancel QuickBooks Payroll Service in QuickBooks Desktop; Occasionally, various scenarios occur, leading you to decide to cancel Subscriptions of products you use.

QuickBooks Update Error 1328 pops up when a user tries to update their QuickBooks Software. Let's learn how to resolve the error and get your s/w running again.

In this article learn Causes, Symptoms how to Resolving QuickBooks Desktop Install Errors, Problems, or Issues.

Learn how to add, enter or edit opening Balance in QuickBooks. henceforth track all of your company’s transactions.

These are some of the most prevalent causes of Unrecoverable Errors and the codes associated with them. The error number you receive may change from what is

How To Unfreeze QuickBooks Desktop Instantly; QuickBooks, despite its many features, functionality, and diversity, is not without faults or problems.

Here you learn how to fix QuickBooks is Unable to Send Emails to Outlook error. This problem generally arises while sending the invoices to clients over email via QuickBooks.

QuickBooks Error H202 occurs when we try to use QuickBooks in multi-user mode or the QuickBooks fails to open a company file that is stored on another system.

QuickBooks desktop 2021 upgrade is available to download and install into your system. The upgrade is important as it helps you to fix the problems that you are facing in your older version.

Here is the most advanced and simple software available which simply works for you. It is one of the best-automated software which imports the timesheet entries into QuickBooks Desktop with Dancing…