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In this article you will learn how to use a USB credit card reader with QuickBooks and get paid faster and easily. To know more contact QuickBooks Support USA.

How to swipe a credit card?

Ensure that your card reader is plugged into your computer and then follow the steps given below:

  • Click on the Plus icon (+) and then click on Receive Payment (if payment towards an invoice is received) or Sales Receipt (at the time of sale for payment).
  • On the Sales Receipt or Receive Payment screen, fill out the payment details.
  • Click on Enter credit card details.
  • When saving, click on Process payment.
  • Click on Swipe Card and then swipe the card through the reader.
  • Click on Save.

Troubleshoot issues when swiping cards.

  • The suggestions given below will help you in resolving issues while swiping cards.
  • Test the card reader connection.
  • Make sure by double-checking that whether the card reader is connected firmly to your computer via the USB port. Before you swipe the card ensure that the reader is ready. The card reader is ready to accept a card when the light is on.
  • Ensure you are using a compatible card reader.
  • The devices which are purchased from Intuit are the only once which are supported. Make sure that your card reader is an MagTek USB device.
  • Use a direct USB connection
  • Into one of your computer’s USB ports plug the reader without using a keyboard or a USB hub. If needed, switch ports and restart the computer.
  • Swipe the card correctly
  • Swipe the card once from either end by facing the card’s magnetic stripe towards the light.
  • Check the card’s magnetic stripe.
  • The magnetic stripe of the card may be damaged if it can’t be read. Check the stripe if there is any residue and wipe it off.
  • Check the card reader

The reader didn’t read the card correctly if the light is red. The magnetic head may need cleaning if this happens more often. You can purchase cleaning cards from the office supply stores. The card reader may be damaged or improperly configured if the card reader beeps or blinks or if the card data seems incomplete or garbled onscreen. In such a case, you need to contact the manufacturer.

If you are unable to swipe a card

Enter the card information manually if you are unable to swipe a card even after following all the troubleshooting recommendations given above. By doing this you will not lose the sale or payment. Though, the rate will be higher for the keyed transaction.

Process of taking a loan in QuickBooks 

The first step in the process of recording a loan for a customer is to make out the purpose for which the loan is taken:

Option 1:  If the loan is taken to close all open invoices.

Step 1: To track the loan and its repayment create an account

  • Click on the Gear icon present at the top.
  • Select Chart of Accounts.
  • Select New from the upper left.
  • Set the Account Type.

Note:

  • If the loan is to be repaid within the current fiscal year create other current asset.
  • Create an Other Asset If the loan will be repaid after the current fiscal year create an Other Asset.
  • In the Detail Type drop-down choose loans to Others.
  • Add a name which can be recognized for eg: “Customer Loan-Lastname”.
  • Without entering an opening balance click on save and close.

Step 2: Create a journal entry.

The opening balance of the loan will be established by the journal entry and create a credit in Accounts Receivable for that customer. To open invoices you can then apply the credit.

  • Click on the Plus icon (+)
  • Select Journal Entry.
  • Add the customer loan account on the first line in the Account field, and then the loan amount in the debit field.
  • Add the Accounts Receivable account on the second line in the Account field, and then the customer’s name in the Name field.
  • Click on Save and close.

Option 2: Issue a multi-purpose loan to your customer

Step 1: To track the loan and its repayment create an account

  • Click on the Gear icon present at the top.
  • Select Chart of Accounts.
  • Select New from the upper left.
  • Set the Account Type.

Step 2: Issue a check for the loan

  • Click on the Plus icon (+) present at the top.
  • Select Checks.
  • For bank account, select the account which was used to fund the loan (Example: Checking or Money Market) for Bank Account.
  • Select the account which was used to track the loan as the off-setting account.
  • Enter the amount.
  • Click on Save and close.

Step 3: Record customer payments

  1. Click on the Plus icon present at the top.
  2. Select Bank Deposits.
  3. Ensure that you select the appropriate Deposit to account.
  4. Enter the following information in the Add funds to this deposit section:
  • Received from: the name of the Customer
  • Account: The loan account of the customer
  • Memo: Enter a memo which helps record-keeping
  • Pmt Method: Choose cash, check etc.
  • Ref #: the check number
  • Class: If you use Class tracking
  • Amount: the amount of the check
  • Select Save and close.

To know more on how to use a USB credit card reader with Quickbooks, call Quickbooks Support USA. Also, you can write us at support@qbooks247.com. Feel free to reach us anytime; our team of executives is 24/7 available at your service.  For more information visit www.qbooks247.com.

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