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SamJones89
Level 1

Get credit card payments to show in Profit and Loss

Hi all, I'm just getting started with Quickbooks and was hoping someone could help me to get credit card payments to show as expenses in my Profit and Loss report.

 

For context, I'm using the Quickbooks Simple Start plan, am a Sole Proprietor who is not VAT registered and uses the Cash Basis accounting method.

 

Earlier this year, I used a credit card to purchase some equipment, which I'm now paying off in monthly instalments. I've set up the credit card in my Chart of Accounts using Type: Credit Card and Detail Type: Credit Card, with an opening balance of the amount I paid for the equipment.

 

I've imported all of my bank transactions for this financial year by linking my bank account in the Transactions tab. I've then categorised these monthly credit card payments using the account I created for the Credit Card. However, these monthly payments aren't showing as expenses in my profit and loss report.

 

Does anybody know where I'm going wrong? 

Solved
Best answer December 08, 2020

Accepted Solutions
ShiellaGraceA
QuickBooks Team

Get credit card payments to show in Profit and Loss

 

Thanks for joining us here today, @SamJones89.

 

Let me provide some information about your credit card payment. The Profit and Loss report will only show your individual credit card charges as expenses. The payments you make will reduce the liability of your credit card account which will be posted in your Balance Sheet report.

 

Here's how to get there:

 

  1. Go to Reports.
  2. Type "Balance Sheet" in the Find report by name field.
  3. Look for your credit card account and then click on the amount.

With the above steps, you're able to view your credit card payment. Learn more about the accounts at this link: How credit card accounts are treated for cash-basis statements.

 

In case you need help with other report tasks, click this link to go to our general topics with articles.

 

If you still have questions or concerns, don't hesitate to leave a comment below. I'm always here to help. Take care and have a great day ahead.

View solution in original post

2 REPLIES 2
ShiellaGraceA
QuickBooks Team

Get credit card payments to show in Profit and Loss

 

Thanks for joining us here today, @SamJones89.

 

Let me provide some information about your credit card payment. The Profit and Loss report will only show your individual credit card charges as expenses. The payments you make will reduce the liability of your credit card account which will be posted in your Balance Sheet report.

 

Here's how to get there:

 

  1. Go to Reports.
  2. Type "Balance Sheet" in the Find report by name field.
  3. Look for your credit card account and then click on the amount.

With the above steps, you're able to view your credit card payment. Learn more about the accounts at this link: How credit card accounts are treated for cash-basis statements.

 

In case you need help with other report tasks, click this link to go to our general topics with articles.

 

If you still have questions or concerns, don't hesitate to leave a comment below. I'm always here to help. Take care and have a great day ahead.

View solution in original post

SamJones89
Level 1

Get credit card payments to show in Profit and Loss

@ShiellaGraceA Thanks so much for your help. The original balance (or charge in this case) wasn't showing up on my Profit and Loss but after going into my Credit Card Account History, I noticed the account was set to  'Opening Balance Equity'. Once I changed this to the appropriate expense account, it started to show. Thanks again!