Credit Card Not Showing As Expense In Reports?

bb2016 · ‎January 03, 2023

Hi,

I have a fully reconcilled quickbooks account linked to my online banking and all the balances match perfectly.

I need to fill my annual tax return for the company (UK) and when I create a profit/loss report for that financial year, it doesnt seem to include all the expenses; most notably the Credit Card Payments – they are recorded as the QBO Type it suggests of "Credit Card Payment", and assigned to the American Express Supplier.

Most of the company expenses are paid for on this card, the company actually is currently loss-making and propped up by loans from myself (this is fine and planned), but when i run the report it basically states that the income is more than the outgoings which is wrong.

Is there something in the reports or a setting I need to activate to make it include all expenses in reports?

Here is a screenshot of how it looks if I undo the transaction to show how I assign them;

Many Thanks!

GlinetteC · ‎January 04, 2023

I can help you with your credit card payments not showing as an expense on the Profit & Loss report, bb2016.

Credit card payments are considered a liability in QuickBooks and won't affect the report. It will only impact your P&L when you record the individual CC transactions and categorise the accounts for the expense items. I'll show you how:

Go to + New and select Expense.
In the Payment account dropdown, choose Credit card account.
Select the expense category under the Category column.
Enter other required fields.
Click on Save and close.

By doing this, all credit card expenses appear on your P&L report.

You can also use bank rules to categorise your transactions automatically. Check this article for detailed instructions: Set up bank rules to categorise online transactions in QBO.

Further, reconcile your account to ensure your books are updated.

Keep me posted if you have follow-up questions on this matter. I'll be right here to assist.

View solution in original post

bb2016 · ‎January 03, 2023

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GlinetteC · ‎January 04, 2023

I can help you with your credit card payments not showing as an expense on the Profit & Loss report, bb2016.

Credit card payments are considered a liability in QuickBooks and won't affect the report. It will only impact your P&L when you record the individual CC transactions and categorise the accounts for the expense items. I'll show you how:

Go to + New and select Expense.
In the Payment account dropdown, choose Credit card account.
Select the expense category under the Category column.
Enter other required fields.
Click on Save and close.

By doing this, all credit card expenses appear on your P&L report.

You can also use bank rules to categorise your transactions automatically. Check this article for detailed instructions: Set up bank rules to categorise online transactions in QBO.

Further, reconcile your account to ensure your books are updated.

Keep me posted if you have follow-up questions on this matter. I'll be right here to assist.

bb2016 · ‎January 05, 2023

Can you delete the screenshot please, then I will accept your answer as solution – thanks! You helped hugely.

KlentB · ‎January 05, 2023

The screenshot above has already been removed, bb2016.

On behalf of my colleague, GlinetteC, you're welcome. I am glad that the discrepancy in your report is now resolved. The QuickBooks Community will always be around to lend you a hand any time you need guidance.

Looking forward to helping you out again. I hope you have a pleasant day ahead. Take care!

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Credit Card Not Showing As Expense In Reports?