Help Needed with Visa Payment Transfer from Chequing Acct

Hi DSG1

I know when I transfer money from my bank account to my Visa account, it usually takes a few days before the transaction shows up on the actual credit card account.  What I usually end up doing is using the bank account transaction that shows up to create the transfer in QuickBooks, then when it shows up on the credit card a couple of days later you can just match it up.

Morning! Thanks for you quick response!

The online bank and VISA accounts show the transactions were processed and posted last Friday but I will wait and see. 

Are you saying that the CC payment transfer which is now showing in the bank register and not in the REVIEW tab is something that I should not worry about? If the transaction does appear and I MATCH it, will it create a duplicate payment because the transfer is already in the bank register?

I am unsure about what you mean by this.  "What I usually end up doing is using the bank account transaction that shows up to create the transfer in QuickBooks".  Is this what I did when I did the TRANSFER from the bank account that went to the register in the CC?

 NEW QUESTION - The duplicate VISA payments that I previously created prevented the numbers from balancing between the bank and Quickbooks so I undid them and they are just sitting in the review tab.  Once I undid them everything balanced. How do I get rid of the duplicate postings that are are showing in the bank register? I figure that the CC transfer payments showing in the register have to be the duplicate ones as the real ones are waiting to be matched.  I want to process the real CC payments sitting in the REVIEW tab.

I am becoming terrified of CC payments, LOL!

Hi DSG1

When you're reviewing transactions in the banking tab, there are several options available depending on the type of transaction incoming.

It can create a journal entry, a transfer, a payment - all of which post journal entries; or you can match it to an existing posting which doesn't post anything on the ledger, but merely ties the bank transaction to an existing posting on the ledger (as backup, if you will).

So when the first transaction comes in from the bank of the money outgoing to your credit card, and that creates a transfer transaction on your ledger - from the bank to the credit card - that's the transaction.  When the payment eventually shows up in your bank feed from the credit card, simply match it to the existing posted transaction and it should not double-post but merely tie to the existing posting.

Question

You have said "So when the first transaction comes in from the bank of the money outgoing to your credit card, and that creates a transfer transaction on your ledger - from the bank to the credit card - that's the transaction".

I thought the first transaction was the one I processed when I did the transfer that had no match. I do not think another one will turn up in the bank feed for the chequing acct. The one they sent went with the transfer. Should I undo the transfer transaction and wait to see if something turns up to match it with in the CC acct?

If I undo it, will it for sure disappear from the CC bank register, I do not want to find out that undoing it will produce a duplicate later.

Thanks for you patience!

Hi DSG1

Assuming you have both your bank account and credit card linked to your QBO for incoming transaction feeds, both should create a transaction for review/matching.  If you record a transaction for the transfer in QBO, you can simply match the bank one as well which will tie the bank feed to the already posted amount.  I find generally that transactions made from the bank account show up almost instantaneously and so can be used to create the transfer transaction rather than doing the manual entry and matching that side of it later.

All business accounts are linked in QBO.

You said, "If you record a transaction for the transfer in QBO, you can simply match the bank one as well which will tie the bank feed to the already posted amount."

So are you saying that I should do a form and then wait to see if something appears on the CC bankfeed?

Do I find the transaction form for the transfer when I click on the the New button. I have never done one before.

Should I undo the transfer for the payment that is in the bank register of the CC before I record a transaction for the transfer. If doing that form prevents future duplications, that may be the best strategy for me.

Thank you for your assistance.

Thank you so much for your patience and the time and effort you put into your responses!

Today two CC payments showed and I was able to match them. They turned up later just like you said they would. I always thought that if they were posted online at the Bank that they should show up in Quickbooks but this CC fiasco and your feedback has shown me that is not the case.

I just need to be less efficient and more patient and wait out the credit card transfer transactions. I bet the reason the CC payments were all matches when I first started using QB was because they had already been posted to the CC. I was dealing with old data from July 1/20 forward in September.

Both of your scenarios are clear and make sense to me.

I never know when the owner of the company is going to make transfer payments to his business credit cards so I will follow the steps in your first scenario from now on.

Thanks again!  Another challenge solved, only about 5 more to go with other QB issues, lol!

Happy to help! QuickBooks gets easier the more you use it and become accustomed to how it does things.  Post up your other questions in the community, someone will help.