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DSG1
Level 3

Cash Advance - Chequing Acct to Credit Card

Two-part question: In the review tab of the chequing account, how do I process a cash advance that was transferred to a credit card. It was done in error, the individual thought he was making a payment to his credit card but processed a cash advance instead. Then how do I process the cash advance that ended up on the credit card? Thanks!

Solved
Best answer September 29, 2020

Best Answers
LeithG
Level 7

Cash Advance - Chequing Acct to Credit Card

Hi DSG1:

 

For the initial transaction that takes money from the credit card and deposits it to your bank account, on your credit card transaction in the bank review, use the "Transfer" option, having the money transfer to your bank account.  Then, when you go to your bank account you should be able to "Match" the deposit with the above transaction.

 

Similarly, for the payment back to the credit card, there should be a transaction on your bank showing a payment under bank review, use the "Transfer" option, having the money transfer to your credit card; then on your credit card you should be able to "Match" this transaction to the 'deposit' there.

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4 Comments 4
LeithG
Level 7

Cash Advance - Chequing Acct to Credit Card

Hi DSG1:

 

This would be two transactions; one the original cash advance from the credit card to the bank, and the repayment of the cash advance to the credit card.

Transaction one would  be a credit to the credit card account and debit to the bank, the other would be the opposite, credit to bank and debit to credit card account.

DSG1
Level 3

Cash Advance - Chequing Acct to Credit Card

Thanks for your response and support! I rechecked the CC cash advance transaction and it starts with the credit card and is a deposit to the chequing account.

I am not sure of the steps to take to complete the two different transaction.

When I click on the transaction in the review bank feed tab for the VISA card I do not see the credit option. All I see in the bank feed template is categorize or transfer.

I know that there is a credit card credit option under the new button, I have used it before for job material returns.

In the chequing account it shows as a deposit in the review bank feed  but I am not sure about the category and the payee I presume would be the CC. Is everything HST exempt?

When I pay back the credit card is that a third transaction? It would have been embedded in the credit card payment that month.

As you see I have many questions? Thanks for your patience!

 

LeithG
Level 7

Cash Advance - Chequing Acct to Credit Card

Hi DSG1:

 

For the initial transaction that takes money from the credit card and deposits it to your bank account, on your credit card transaction in the bank review, use the "Transfer" option, having the money transfer to your bank account.  Then, when you go to your bank account you should be able to "Match" the deposit with the above transaction.

 

Similarly, for the payment back to the credit card, there should be a transaction on your bank showing a payment under bank review, use the "Transfer" option, having the money transfer to your credit card; then on your credit card you should be able to "Match" this transaction to the 'deposit' there.

DSG1
Level 3

Cash Advance - Chequing Acct to Credit Card

Thank you for listing all the steps that I need to follow. I now understand how to complete the transaction.

I appreciate the time that you have put into responding to my questions.

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