Bank credit card only downloads as a Current Liability account
My client has a bank credit card (Visa) that is listed online as a credit card and functions like a credit card. However, the bank feed downloads transactions as a current liability account like a line of credit. Therefore, transactions are only accepted/recorded using a general journal entry. This does not allow for itemization and job costing functions. I've tried creating a new credit card account and linking the bank card, but the subsequent bank feed only allows liability accounts to link. Is there any way around this or is it an issue with the bank? It's actually a credit union in this case--does that make a difference?
Running QB Desktop Premier Contractor Edition 2020
In order to have the transactions of your bank credit card (Visa) to be downloaded into the system, you'll need to disconnect your current connection. This way, you'll be able to reconnect it and choose a credit card as the account type. This will prevent you from entering journal entries of the bank transactions.
To disconnect your account:
Go to Lists and then select Chart of Accounts.
Right-click the account you want to deactivate. Then select Edit Account.
Go to the Bank Settings tab.
Select Deactivate all online services and then OK to confirm.
After that, you may now reconnect the said account and choose Credit Card as the account type. To set up a direct connection between your FI and QuickBooks, you need to know how the financial institution classifies your account, not how QuickBooks does.