Recently the Quick Create was moved and renamed “+New” in an effort to help users logic through while entering transactions within the QuickBooks Online product. These incremental technology improvements empower users to confidently work in QuickBooks.
The newest navigation improvement is an improved way to record a credit card payment within QuickBooks. The new phasing for recording credit card payments helps users easily comprehend which credit card they are paying and most importantly record where the funds came from to make the credit card payment.
The new transaction phasing “pay down a credit card” will reduce the errors users make while posting credit card payments. Personally, I have seen lots of QBO files with duplicate entries when recording credit card payments. Most often the confusion occurs when choosing which account to credit for the payment. The new terminology “what did you use to make the payment” will give these users a better chance of recording how the payment was made.
Using the New Pay Down a Credit Card Option
1) Located within the +New button on the Navigation bar select Pay down a credit card
Select the 'Pay down credit card' option within the +New menu.
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2) Select 'which Credit Card you want to pay' from the drop down.
When the Pay Down Credit Card window opens complete the information needed.
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3) Now enter 'how much you want to pay' and the 'date you are paying it'.
4) Then record 'what you used to make the payment' from the drop-down options (this will be the account you used, but note that Intuit is trying to get away from using the term 'account'.) In the case of our example above we selected our 'Bank Checking' account.
5) There are several other options (shown below this list) that you can record in this transaction:
- A check-box if the payment was 'made by a check'.
- A memo
- Add an attachment (if desired)
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6) Be certain to Save (or Save and close) the transaction upon completion.
If you are interested in seeing the debits and credits behind the transaction, choose the More option located at the bottom of the transaction and select Transaction Journal. This view of the transaction will allow you to verify the debits and credits.
The 'transaction journal' for the 'New' Pay down credit card transaction recorded in this example is shown here so you can see both the debit and credit accounting for the transaction.
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The transaction journal is visible for most transaction within QBO by following the listed steps.
Continued Improvements
Intuit's consistent, coherent and organized improvements to the QuickBooks Online navigation enhance input reliability. Innovation and progress is happening at such a rapid pace that it seems updates are rolling out almost every night. Sometimes it's hard to stay abreast of all the newest changes, so keep checking back and we will do our best here at Insightful Accountant to make certain you are up to date.