We moved a credit balance from our credit card to our bank, now what?

Retiredjeff · ‎June 17, 2020

This is a fairly simple question, but we're new to QB. We just moved a credit balance from our credit card statement to our bank account as we needed the money :)

We did this inbetween statement cycles for both the credit card and the bank. How do we correctly enter this transaction so that both the credit card statement and the bank statement will balance when we receive those next monthly statements?

EmmaM · ‎June 18, 2020

Hello, Retiredjeff:waving_hand: Is the credit balance in the credit card in QuickBooks Desktop? If so you can record this as a transfer of funds from credit card to the bank by going to Banking > Transfer Funds

It will then show the correct balance on each.Any queries on this just reply back to the Community:smiling_face_with_smiling_eyes:

View solution in original post

EmmaM · ‎June 18, 2020

Hello, Retiredjeff:waving_hand: Is the credit balance in the credit card in QuickBooks Desktop? If so you can record this as a transfer of funds from credit card to the bank by going to Banking > Transfer Funds

It will then show the correct balance on each.Any queries on this just reply back to the Community:smiling_face_with_smiling_eyes:

Retiredjeff · ‎June 18, 2020

Emma -

Thanks for the quick response. We've made the entry that you described and I guess the proof of the pudding will be when we get the credit card and bank statements - when they balance out. We really appreciate your help.

EmmaM · ‎June 18, 2020

Great, yes agreed the proof will be in the pudding:custard:, let us know if you have any queries once you get the statements, Retiredjeff. Any other queries just give us a shout in the Community!

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We moved a credit balance from our credit card to our bank, now what?