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Experienced Member

Credit Card payments through bank account transfer - "to/from" categories?

I'm setting up a Rule for my credit card payments: I have the payment FROM my chequing account (-$801.17) shown as a "Transfer" and I have the category shown as "Credit Card Payment".  For the  corresponding same amount (+$801.17) being paid TO my credit card, I again show it as a "Transfer", but what category do I use?  Thanks for any help Smiley Happy

1 Comment
QuickBooks Team

Re: Credit Card payments through bank account transfer - "to/from" categories?

Hello, 

 

Categorizing your transactions helps keep your books organized and straightforward. I'd be happy to point you in the right direction for support with this.

 

When you have transactions to review from your bank or credit card, go to the Transactions tab from the main menu in the upper right. Swipe left (Business) or right (Personal) on each transaction to categorize it. If the transaction is a mix of both types, tap the transaction and select Split.

 

When you mark an expense as business, we try to assign the expense to the correct business category. You can change it yourself, however, by just tapping the blue field that appears right after you swipe the transaction left.

 

Here's an article that can guide you through the process of editing and categorizing your transactions: Categorizing & editing transactions in the mobile app.

 

For specific advice on which category to select, I'd encourage you to speak to your accountant. If you have further questions about how to do this in QuickBooks Self-Employed, I recommend reaching out to the designated Self-Employed team. You can contact them using the in-app Chat Support, or send them an email using this form: Contact QuickBooks Self-Employed.

 

I hope this helps. 

 

Have an awesome week!