How to track your Credit Card Expenses with Minute 7?

Credit Card Expenses

Expense tracking is much easier with Minute 7 as it allows users to track both reimbursable and credit card expenses.

Credit Card Expenses:

Credit card expenses are those expenses purchases have been made by a company issued credit card. Since these expenses have already paid for, your company does not want to generate a bill for them in your QuickBooks company file. Therefore, once approved by the manager, all credit card expense entries are synced as “Paid” in QuickBooks.

Example

A vendor purchased $500 in office supplies on a company issued credit card, in this situation, the vendor would need to select a payment account from which an expense was paid as shown in the screenshot below:Therefore, a credit card expense entry in Minute 7 will look like:Once this record is approved and synced by the manager; the expense will be displayed with type “CC charge” and status “Paid” in QuickBooks.

Difference Between Credit Card and Reimbursible Expense Entries:

You can see the difference in QuickBooks Desktop by noticing the different status and type of two expense entries when synced with QuickBooks below: