Bank of America Credit Card QuickBooks Online: A Step-by-Step Guide

Linking your Bank of America credit card to QuickBooks Online is a straightforward process that can help you manage your finances more efficiently. You can connect your credit card to QuickBooks Online by following a few simple steps.

To get started, you'll need to have both a Bank of America credit card and a QuickBooks Online account. You can link your credit card to QuickBooks Online through the Bank of America website or the QuickBooks Online mobile app.

Bank of America offers a range of credit cards that can be linked to QuickBooks Online, including cash back credit cards and rewards credit cards. By linking your credit card to QuickBooks Online, you can easily track your spending and stay on top of your finances.

To set up your Bank of America credit card in QuickBooks, start by linking your account to the platform. You can do this by going to the "Banking" section and selecting "Add Account" to search for Bank of America.

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Select the account type drop-down menu to choose the bank or account, and then choose either a "Bank or Credit Card account". If you don't have an account created yet, select "+Add new".

Enter your financial institution's login information on the website and select "Continue". Complete the extra security verification steps, and then select "Securely connect". You'll then choose the bank emblem to the left of the account that you want to connect.

After linking your account, you can view each checking and credit card account that you have connected to your QuickBooks account in the top portion of the banking center. Click on the card you wish to use for importing the transactions.

The summary box displays the account balance reported by your bank and the balance from your QuickBooks account register. You'll also see the number of transactions downloaded from your bank account that haven't yet been reviewed and accepted, matched, or excluded. In the screenshot above, there are 25 transactions awaiting review in our Bank of America credit card account.

Don't forget to reconcile your credit card account at the end of the month, as the bank balance and the QuickBooks balance should be the same once all your transactions are reviewed. If there's a difference, you should be able to find it when you reconcile your credit card account.

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You can import credit card transactions into QuickBooks automatically by connecting your Bank of America Customized Cash Rewards Business Card account to the platform. This is a convenient way to keep your records up to date.

QuickBooks Online is smart enough to suggest a category for each transaction based on its details. However, you should first review the transaction by clicking anywhere on the entry line except in the Action column.

Properly categorizing credit card transactions helps you ensure the accuracy of your records and simplify the reconciliation process. You can categorize transactions as office supplies or travel expenses, allowing you to track where your money is being spent.

To choose the credit card you want to import transactions from, select it from the top portion of the banking center in QuickBooks. This is where you'll see all the checking and credit card accounts connected to your QuickBooks account.

You'll need to have already connected your credit card account to QuickBooks; if you haven't, you can refer to a tutorial on how to import credit card transactions into QuickBooks Online. The banking center will display each of your connected accounts.

The summary box will show you the account balance reported by your bank and the balance from your QuickBooks account register.

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Importing credit card transactions into QuickBooks Online is a straightforward process, and you can do so by connecting your bank or credit card account to the platform.

You'll need to review and categorize the downloaded transactions, which will appear as transactions awaiting review in the banking center. Imported credit card transactions don’t transfer into your account register automatically.

Clicking on the transaction will allow you to review its details and categorize it properly. You can also use the Match, View, or Add button under the Action column to connect the transactions immediately or add them as new entries.

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QuickBooks Online is smart enough to suggest a category for each transaction based on its details, but you may need to adjust it according to your specific needs. You can include additional columns, such as check number, and show other transaction details, such as bank details.

By properly categorizing credit card transactions, you can better monitor your expenses and track where your money is being spent. For instance, you can categorize transactions as office supplies or travel expenses.

You can also set up rules in QuickBooks to automatically categorize future transactions based on specific criteria, such as descriptions and transaction amounts. This will save you time and ensure the accuracy of your records.

To review and manage downloaded credit card transactions in QuickBooks Online, you may see either a Match, View, or Add button under the Action column. Clicking on Match will connect the transactions immediately, and clicking on Add will automatically add the transaction as a new entry.

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You can specify which columns will appear under the For review tab by clicking on the settings cogwheel directly above the last column. This allows you to include additional columns, such as check number, and show other transaction details, such as bank details.

Properly categorizing credit card transactions helps you ensure the accuracy of your records and simplify the reconciliation process. By categorizing transactions as office supplies or travel expenses, you can better monitor your expenses and track where your money is being spent.

Managing downloaded credit card transactions in QuickBooks is essential for accurate record-keeping and simplified reconciliation.

Imported credit card transactions don't automatically transfer into your account register, but appear as transactions awaiting review in the banking center.

Properly categorizing credit card transactions allows you to track where your money is being spent, for example, by categorizing transactions as office supplies or travel expenses.

Categorizing downloaded transactions ensures the accuracy of your records and simplifies the reconciliation process.

Cash back on credit cards rewards cardholders for making purchases by returning a percentage of the money spent.

The accumulated cash back rewards can be used in various ways, such as paying your credit card bill, getting a check, or making a direct deposit to a bank account.

Exactly how cash back rewards work varies by credit card company and even by individual card.

Cash back rewards are typically calculated as a percentage of the purchase amount, and the rewards can be redeemed at different times, depending on the credit card issuer's policy.

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You can select your Bank of America credit card account in the banking center of QuickBooks Online. This is where you'll find all your connected checking and credit card accounts.

The banking center displays the account balance reported by your bank and the balance from your QuickBooks account register. The orange number shows the number of transactions downloaded from your bank account that haven't yet been reviewed and accepted, matched, or excluded.

You can see this in action with the example of a Bank of America credit card account, which had 25 transactions awaiting review. Don't forget to reconcile your credit card account at the end of the month to ensure the bank balance and QuickBooks balance are the same.

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