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hello238
Level 1

When I pay my credit card from my chequing account what do I categorize it as so that it doesn’t count it as an expense or income?

I think I’m double booking my credit card expenses cause when I transfer money from my chequing to my credit card I don’t know what to catagorize it as so quickbooks doesn’t count it as a expense or income

1 Comment 1
ChristineJoieR
QuickBooks Team

When I pay my credit card from my chequing account what do I categorize it as so that it doesn’t count it as an expense or income?

We can use the Pay Down Credit Card feature since it only transfers an amount from your checking account to your credit card account, Hello238.

 

Keep in mind that recording a Pay Down Credit Card will not count as an expense because the expense transaction was already recorded when you initially made purchases using the credit card.

 

Here's how:

 

1. Go to the + New button and select Pay Down Credit Card.

2. Choose the credit card you made the payment to and enter the payment amount.

3. Specify the date of the payment and select the bank account you used for the payment.

4. Click the I Made a Payment with a cheque tickbox if you pay using a cheque

5. Click Save and Close once done.

 

Next, we can review the Profit and Loss report to track expense transactions made using your credit card. Additionally, we can pull up the Balance Sheet by Detail report to display the amount transferred from your bank to your credit card account.

 

To learn a bunch of ways to run and customize your reports, refer to these articles:

 

 

Feel free to add your comment below if you need further assistance regarding this topic.

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