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Frequent Explorer *

How do I re-classify imported transactions from my credit card account so they are not associated with the credit card account anymore?

I'm just getting started with QuickBooks Online, and I'm trying to document all year-to-date expenses, which have all been paid for through my personal credit card. (I've just set up business checking and credit card accounts and will use those going forward.) I've imported the expenses,  selected the correct "Category" for each, and uploaded all of the associated receipts. I'd like to associate each transaction with the accounts in the Charts of Accounts, rather than with the credit card. How do I do that?
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Frequent Explorer *

Re: How do I re-classify imported transactions from my credit card account so they are not associated with the credit card account anymore?

A little more information... I'm actually fine with them all being listed under the personal credit card account (which is no longer linked to QuickBooks, so it will not register any new transactions). However, the credit card account shows a positive balance (which I'm assuming relates to the credit card payments I made), and I want it to be a negative balance, so that the expenses are just expenses for the business. However, I cannot find the specific transactions that are causing the positive balance. 

QuickBooks Team

Re: How do I re-classify imported transactions from my credit card account so they are not associ...

 

Thanks for providing on-point details about your concern, @InfoDevPro

 

I'll share some insight about the positive balance on your credit card account. 

 

Credit card is a balance sheet account so expenses will increase its balance. The more you create expenses on the account, the more positive balance will be. To help make it a negative balance, you can use the Credit Card Credit feature. Here's how: 

 

  1. Go to the Plus (+) icon at the upper right. 
  2. Select Credit Card Credit under Vendors
  3. Under Payee, enter the vendor’s name. 
  4. Choose the credit card account under Bank/Credit account. 
  5. Under the Item details section, enter the item involve and the amount to be credited. 
  6. Click Save and close
     

 After that, you can visit your credit card’s register and you'll be able to see the amount under the Payment column. 

 

To learn more about classifying your downloaded bank transactions, here's a great article you can refer to: Assign, Categorize, Match Your Bank Transactions

 

The steps and resources above will help achieve your goal, @InfoDevPro

 

I'm here anytime you need further assistance. Have a good day. 

Frequent Explorer *

Re: How do I re-classify imported transactions from my credit card account so they are not associ...

Thank you, RaymondJayO! This sounds like the solution I was looking for...

 

However, I followed your instructions, and they don't seem to account for the fact that the transactions have already been downloaded and reviewed. (I've spent about six hours getting them just right, with attached receipts, etc.)

 

It appears that I have to manually re-enter each transaction after setting up the Credit Card Credit.

 

Is there a way for me to re-classify the transactions so I don't have to re-enter them? 

Highlighted
QuickBooks Team

Re: How do I re-classify imported transactions from my credit card account so they are not associ...

Hello InfoDevPro!

 

In your original post, you mentioned that your transactions were already classified with the correct accounts. In my understanding, they are already in your credit card register in the Chart of Accounts. If that register is named after your personal credit card account, you can rename after your business credit card. Then, there's no need to reclassify your transactions. This will be the fastest way to associate all your transactions to your business credit card. However, I would highly suggest consulting your accountant since your transactions come from your personal card, and they have to be recorded like what happened in reality.

 

About wanting to have a negative balance on your credit card account, yes this can be achieved through a credit card credit. However, this type of transaction is mostly used for received refunds from a returned item or a cancelled transaction.

 

What you can do instead is create a bank transfer where any of your business accounts will be the source account and your personal credit card account is the recipient account. However, I would also suggest referring this to an accountant since your personal personal credit card should not exist in your chart of accounts at all.

 

Feel free to post again if you have other questions.

Frequent Explorer *

Re: How do I re-classify imported transactions from my credit card account so they are not associ...

I apologize JessT, but I'm more confused than ever. Smiley Tongue I really don't understand your post at all, other than the advice to consult an accountant.

 

I don't want to associate the previous transactions with the business credit card. I'd rather that the system clearly indicate the actual (personal) account, even if this was the improper account to use.

 

One of the things that's really confusing me is that I can view all expense transactions, but there doesn't seem to be a way to view all income transactions (without running some sort of report). There also seems to be some inconsistent terminology in the user interface, so that, for example, the word "accounts" has multiple meanings.

 

My frustration is compounded by the fact that whenever I find information online about how to work in QBO, my user interface doesn't seem to match the user interface in the help content.

 

My ultimate goal is to accurately record all transactions from the beginning of the year (many of which were associated with my personal accounts), to track future transactions (which will be through the linked business accounts), and to get an accurate accounting of income and expenses.

 

I guess I'm going to need to take a class in QBO or something. So much for making my life easier! Smiley Tongue

 

I appreciate your help!

Frequent Explorer *

Re: How do I re-classify imported transactions from my credit card account so they are not associated with the credit card account anymore?

In re-reading my original question (the headline of this post), I realize it may be a source of some of the confusion: "How do I re-classify imported transactions from my credit card account so they are not associated with the credit card account anymore?"

 

What I mean is, I only want my business accounts to show up in QuickBooks Online, and I want to keep the expenses from before I created my business accounts.

 

It appears I have been successful in this: I have imported the expenses, reviewed and accepted the appropriate ones, selected the correct "Category" for each, and attached receipts. I have unlinked my personal accounts, so that no new transactions will be imported. I also have linked my business accounts, so all new transactions will be associated with the proper accounts.


Now, how do I get everything to balance out accurately? I was thinking that there might be a way to just list the expenses as expenses for the business, straight up, by dissociating them from the personal credit card account, and then adjust the negative balance (if there is one) with an owner's contribution somehow.

 

I'm guessing that my general approach is just wrong-headed, given the way that QBO works.  Unfortunately, I don't understand it yet, so it looks like I'll have to do a lot more research before I can make this work.

 

Thanks again for your help!