Friday, February 8, 2008

Credit card interest charges

When a client who uses QB sent me her tax info, she had a separate hand prepared list of credit card interest charges for the year with the following note.

I had to add up interest on each statement since credit cards are no longer sending out interest paid at year end.

I wrote this back to her:

You also need to learn how to enter credit card charges and how to reconcile the QB accounts with the monthly credit card statements.  That way, all of the interest charges will be picked up during the year.  It really doesn't matter that many credit card companies don't automatically provide interest paid details at the end of the year if each of the monthly statements has been reconciled through your QB.


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