Many companies view corporate credit cards as a necessity for running a business. Corporate credit cards are designed to offer companies a convenient way to handle business expenses and the ability to easily track expenses incurred by multiple staff members.
In reality, though, despite their benefits, corporate credit cards are often incredibly difficult for companies to manage. The struggles arise largely from the fact that corporate credit card accounts from major banks like Chase, Bank of America, or AmEx involve separate cards and account numbers for each individual employee. Having multiple cards causes headaches when companies try to manage them in popular software like QuickBooks Online.
Make sure to join Alicia Pollock on June 23 at 12:00 p.m. Eastern Time for the webinar, "Managing Corporate Credit Cards in QuickBooks Online." You can register here.
QuickBooks Online and Corporate Cards
Managing corporate credit cards in QuickBooks Online requires treating each card as a sub-account. The following workflow will guide you through seamless corporate credit card management in QuickBooks Online, from setting up the Chart of Accounts through reconciling your balances every month to show exactly what you owe.
Step 1: Setting Up Your Chart of Accounts and Banking Feed
In QuickBooks Online, start by creating the main credit card account – AmEx, Chase, or whatever your card issuer is – in the Chart of Accounts. Under that Main Account, you then must create sub-accounts for every individual card issued to each of your employees ...