Quickbooks- How to enter a debit card transaction
Debit card purchases
Quickbooks is one of the most popular programs on the market for managing personal or business finances. Extensive tracking tools allow you to easily manage income and transactions, and the easy to understand interface is intuitive enough that even a beginner can grasp how it works. Flexible report generation tools present the information in a variety of helpful ways for easy filtering. There is no built-in feature to handle payments made by debit card transaction, but Quickbooks suggests the following workaround:
* Open the program and go to the “Banking” link in the navigation menu at the top. Under “Banking” select “Write Checks”.
* Look for “Bank Account” in the dropdown menu. Select the bank account used for this transaction. In the “No.” field, where you would normally enter the check number, enter “DB” to identify this transaction as a debit card.
* Enter the name of the payee in the “Pay to the Order of” field, or select an existing name from the dropdown list.
* Enter the amount of the transaction in the “$” field.
* Fill out the address and memo fields if necessary.
* Go to the “Expenses” tab and record the account charged and the amount of the charge.
* Finish the entry by clicking “OK” to save the debit card transaction record.
Debit card cash withdrawals
If you use your debit card for a cash withdrawal at an ATM machine, you should record the withdrawal in Quickbooks as a transfer.
* Open the program and go to the “Banking” link in the navigation menu at the top. Under “Banking” select “Transfer Funds”.
* Look for “Bank Account” in the dropdown menu. Select the bank account used for this withdrawal.
* Click “Transfer Funds To” drop-down list and select your cash drawer or petty cash account.
* Enter the amount of the debit withdrawal in the “Transfer Amount” field.
* In the “Memo” field, enter “DB withdrawal” and add a reason if you prefer.
* Finish the entry by clicking “OK” to save the withdrawal record.
Quickbooks may not have specific protocols for every conceivable financial transaction, but a little creativity can make it work in nearly every scenario. You just have to remember to identify debit transactions to avoid confusion.
