Credit Card Expenses: Staying Sane with Dozens of Accounts
The longer we’re in the QuickBooks space helping people track their credit card expenses, the more we hear from small businesses that have grown from one lonely founder to dozens of employees. It’s inspiring!
However, the growth brings occasional “growing pains”, not the least of which is the occasional need to restructure the company’s Chart of Accounts. We’ve helped clients through some substantial work to restructure Items, Classes, Accounts, Customer:Jobs, and more.
When it comes to tracking credit card expenses (something we deal with a lot), what we often see is that a newly-formed company will set up Chart of Accounts in a way that lists all credit cards as top-level accounts. That’s OK when you’ve just got one card or two, but what happens when you find yourself handing out dozens of credit cards for your legion of road warriors that you hire as the company grows?
Credit Card Expenses in Your Growing Company
Well, here’s what we recommend (look closely at the first five rows):
Using this kind of nested approach, you can shield your investors and other financial report recipients from seeing the nitty gritty (just suppress the 2nd-level accounts during the reporting process), while still maintaining the granularity that you need to run your business on a day-to-day basis. With this approach, everyone wins — the folks that only want to see top-level accounts, and the folks that really “need to know” the particulars of the company’s spend on a per-employee (or per-card) basis.
Great, but does it work with ProOnGo Expense?
Not to worry, you can still find the sub-accounts in ProOnGo’s credit card sync settings:
In summary, you can keep your financial reports tidy for your investors, while still giving yourself the full detail needed to keep your credit card expenses in check on a granular basis. Want to read more? Check out this related discussion on the Intuit Community Forums, another terrific source for QuickBooks-related advice.