Software is one of the basic needs for every business; having the best software with you can make your business more successful. Enjoyed your business success, but every business has ups and downs, in that time credit card will be the guardian for your business. But the point is how to manage the transactions of the credit card in your business. Merge credit card accounts in QuickBooks Online comes to help, offering the best merging process in the software world. As a businessman, you will definitely love the idea of merging a credit card account with QuickBooks is the best idea a user can afford for their business success.
In this article, we will introduce you to some facts and points that will help you add credit card in QuickBooks Online.
What is QuickBooks Online?
QuickBooks Online is an online software that helps the businesses for accounting management. It helps in tracking income or expenses, manage inventory and run financial reports and it is also a cloud-based tool. QuickBooks Online can be accessible from anywhere and any devices like smartphones, tablets and computers. Instead of using traditional accounting methods like spreadsheet or paper records.
What is Credit Card Account?
A credit card is issued by the bank linking with your detail and eligibility that helps you to borrow money from any bank for purchasing goods and services. People use credit cards so that they can buy now and pay later. You can pay the borrowed amount as soon as possible to avoid interest and charges. If you pay later the interest and charges will include day to day according to banks’ rate. If you are making a payment with a credit card of any specific bank, you will also get some gifts and rewards. You will get a reminder notification about the payment of the loan before the due date. Besides the PPP (Paycheck Protection Program) was a program by the US government for credit card users during the pandemic. So the businessman can use credit cards to manage cash flow and cover expenses while waiting for the PPP funds.
Why Merge Credit Card Accounts in QuickBooks Online?
Every business wants some advance tools to increase the production process. To pay that at the same time is not possible, so you have to borrow the money. It will notify you about the payment of the loan at the end of every month.
- Save Time: It will automatically collect all the data from the report without any errors, which saves time.
- Remove Error: The automatic process reduces human error while collecting the data into a report.
- Data Order: All the collected data will be kept in organised order.
- Financial report: Collecting all data properly can help to make a proper financial report.
Benefit To Merge Credit Card Accounts in QuickBooks Online
Credit card is famous in different business to pay bill to the supplier. QuickBooks wil keep a full record of the payment. It will be use to create a proper bill for the amount paid for products. Merge credit card accounts in QuickBooks Online is verymuch beneficial for business.
- Collecting Data: All the transaction data will be automatically collected without any error.
- Save Time: Because of automatic collection of data it save the time to make important decision for the company.
- Human Error: Automated collection reduces the human error while collecting data.
- Matching Procedure: It automatically do a matching between the credit card transaction and QuickBooks record to see all transaction are properly collected or not.
How To Merge Credit Card Accounts in QuickBooks Online
To properly maintaining your finance in QuickBooks Online now become more easy with the adding of credit card in it. It will help you to how much money is used in your business process. Merge credit card accounts in QuickBooks Online, you have to follow simple and easy procedure.
- Sign in: Go to your QuickBooks Online Account, click on the gear icon.
- Banking Section: Move to the menu bar and select the Banking Section option.
- Credit Card: Select your two credit card from the list.
- ID & Password: Put your log in information to continue the process.
- Confirmation: Do a proper checking of the data aftr entering and click on confirm button.
Issue Faced While Merge Credit Card Accounts in QuickBooks Online
You can easily know how much remaining amount should be given to borrower with the help of the record that is made by the QuickBooks. During the merge credit card accounts in QuickBooks Online face some common issues
- Duplicate Data: Sometime due to transfer problem some transaction are repeated.
- Wong Information: Because of the wrong transactional detail it create problem while making tax report.
- Internet Problem: The merging process failed due to unstable internet connection.
- Credit Card Detail: Wrong log in ID and password create create problem to merge.
Conclusion
Most of the business transactions done by using a credit card and are paid later. So you have to choose the perfect software that can help you keep all the transaction records. Merge credit card accounts in QuickBooks Online to improve the production procss and get a perfect detailed report about the company. If you still have any doubt related to the procedure you can reach our QuickBooks Official team.