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ESG6
Level 1

Accidentally made a Credit Card payment with bank account not in quickbooks

Reconciling a credit card account when I noticed I had accidentally made a credit card payment on my bank app from my personal savings account, and not the business checking. Now when I'm trying to record the transaction, because my personal savings account is not in Quickbooks, I'm receiving this error: Use a credit card account to record a payment and a bank account to use funds to make that payment.

What should I do now? 

 

Thank you! 

2 Comments 2
Archie_B
QuickBooks Team

Accidentally made a Credit Card payment with bank account not in quickbooks

Good day, ESG6.

 

I'm here to assist you and to share information about recording a credit card payment in QuickBooks Online.

 

You can use the Journal Entry (JE) feature to record the credit card payment you made with your personal account and reimburse the money as an expense.

 

But before you do, make sure to create an Owner's Equity account. Use this link as a reference: Set up and pay an owner's draw.

 

Once you're ready, you can follow these steps to create a journal entry for the credit card payment. Here's how:

 

  1. Click on + New.
  2. Choose Journal Entry.
  3. On the first line, select the expense account for the credit card payment.
  4. Enter the purchase amount in the Debits column.
  5. On the second line, select the Owner's equity account you created. 
  6. Input the same purchase amount in the Credits column.
  7. Select Save and close.

 

After that, we can now record the reimbursement as an expense to your business account.

 

Like this:

 

  1. Click on + New.
  2. Choose Expense.
  3. Select your business checking account to use to reimburse the personal funds.
  4. In the Category column, select the Owner's equity account.
  5. Enter the amount of the reimbursement.
  6. Hit Save and close.

 

I'd also recommend consulting an accounting professional for the best possible way in handling this kind of transaction.

 

For future reference, you may also use this article in recording credit card payments: Record your payments to credit cards in QuickBooks Online.

 

Let me know in the comments section if you need further assistance or have other banking concerns. I'd be glad to work with you again. Take care!

DCSTADMIN
Level 1

Accidentally made a Credit Card payment with bank account not in quickbooks

This isn't correct. 

 

Make a journal entry - Debit the Credit Card for the amount. Then Credit Owner's Equity or Owner's Investment for the same amount.  

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