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melcha17
Level 1

Banking

I have both my checking account and credit cards on automatic download feeds.  However, how do I offset the charges, so that it does not look like I made the transaction twice?  (once from my original credit card charge and then again when I pay off the charge from my checking account).   Am I supposed to list the payment from the checking account to the credit card as a different type of transaction?  If so what do I list it under?  Example, if I bought office supplies on my credit card, I list it under office supplies, and then when I make the payment from my checking account to my credit card I am listing it again under "office Supplies" but I think I should be listing it under something else, so it doesn't look like I made the purchase twice.  What do I list the payment under? 

3 Comments
Joesem M
QuickBooks Team

Banking

Hello there, @melcha17.

 

You can create a Credit Card Credit in QuickBooks to keep track of the charges and payments you made. Just make sure to select checking account in the category item so it doesn't look you've made the transaction twice.

 

Here's how:

 

  1. Go to the Banking menu.
  2. Choose Credit Card Refund/Credit.
  3. Select the vendor from the Purchased From ▼ dropdown.
  4. Select the date.
  5. (Optional) Enter a memo explaining the charge or refund.
  6. Select Checking account under the category item and enter the expenses/items you want to track.
  7. Select Save & Close.

Joesem Molat1.JPG

For more detailed steps, please click this article and proceed to Enter credit card chargesSet up, use, and pay credit card accounts.

 

You'll also want to reconcile your accounts so they will match with your bank and credit card statements in QuickBooks.

 

I've added these articles to know more about bank feeds and how to print checks in QuickBooks:

 

 

You can also reach your accountant to ensure that this will be the best process for you. Stay in touch if you have any other questions. Have a good day ahead!

 

melcha17
Level 1

Banking

Hi @Joesem M     All my transactions automatically get downloaded to QB (both checking and credit card).  If I make a payment to pay off my Whole credit card bill from my checking account.  (keeping in mind its a variety of charges for different things).  Then what would I list the entire credit card payment under in my checking account? 

Joesem M
QuickBooks Team

Banking

Thanks for getting back to us, @melcha17.

 

Since the charges from your Credit Cards are recorded as purchases and expenses, then the Checking account is paying that back.

 

Then, you can match your downloaded bank transactions in QuickBooks Desktop. I'll show you how:

 

  1. Go to the Banking menu, then select Bank Feeds and choose Bank Feeds Center.
  2. Select the appropriate bank account from the list, then click the Transaction List.
  3. From the Transactions List window, select the deposit with the Record Deposit account.
  4. Select the Match to Existing Transaction from the Action column.
  5. Find the existing deposit from the list, then click Confirm Match.

 

Here's an article you can read for more details: Add and match Bank Feed transactions in QuickBooks Desktop.

 

Once done, you can now reconcile your accounts in QBDT. This will make sure they match your bank and credit card statements. 

 

If you need assistance while working in QuickBooks, click the Reply button and post a comment. I’ll be right here to help and make sure you’re taken care of. Have a good one.

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