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quinn1
Level 4

Categorizing Credit Card Withdrawals from Bank Feed

am a single member llc.

I have a couple of credit cards which are linked to my business checking so that when I make a purchase for materials from a vendor and need to use that card, I am able to make payments to the card for the exact expense amount and the card withdrawals it directly from my business checking.

 

I am wondering, when I am categorizing my bank feed, and the transaction shown is from say, Citi and I go to enter more info, should i enter the "payee" field as the actual vendor which I purchased the materials from, then list the expense accounts/cost... or do I  create a vendor as Citi and list them as the payee and then list the expense accounts/costs

Solved
Best answer November 19, 2019

Best Answers
MikiD
QuickBooks Team

Categorizing Credit Card Withdrawals from Bank Feed

You don’t need to create another credit card charges, quinn1.


Categorizing transactions can be done right inside your bank feeds. Doing this will avoid from recording duplicate transactions. 


Below are the steps to do so:

  1. Go to Banking at the top. 
  2. Select Bank Feeds > Bank Feeds Center. 
  3. Select Credit Card from the lists of your Bank Accounts in the left side of the screen. 
  4. Click the Transaction List tab. 
  5. Locate the transaction involved and click the drop-down arrow under Action. 
  6. Select Add More Details. 
  7. Enter the vendor name on the Payee field. 
  8. Select the Expense account under Accounts.
  9. Click Add to QuickBooks.   

 

 

 

You might also want to check this for additional information about managing bank feeds: Add and match Bank Feed transactions. 

 

Please consider on writing a post here if there's anything you'd like to ask. 

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4 Comments 4
ChristieAnn
QuickBooks Team

Categorizing Credit Card Withdrawals from Bank Feed

Hi there, quinn1.

 

You'll need to enter in the Payee field as the actual vendor which you purchased the materials from and tag as expenses account.

 

When recording the purchase order using the credit card, you'll need enter credit card charges. This way this puts the amount you owe in the credit card account (Other Current Liability) in the Chart of Accounts.

 

Here's how:

 

1. Select the Banking menu. Then, choose Enter Credit Card Charges.

2. Choose the Credit Card drop-down, then select the appropriate account

3. Purchase/Charge should be automatically selected. If you want to record a credit or refund you received through the credit card, select the Refund/Creditinstead.

4. Choose a vendor from the Purchased From drop-down.

5. Make sure the date is correct.

6. Go to Expenses or Items tab and enter the expenses/items you want to track.

7. Click the Save and Close button.

 

Please check this article for additional information on how you can keep track of the charges and the payments made for the expense: Set up, use, and pay credit card accounts.

 

I'll be glad to help you if you have any other questions.​ Have a good day!

quinn1
Level 4

Categorizing Credit Card Withdrawals from Bank Feed

So when categorizing the withdrawal from the CC company, I list the payee as the vendor which I charged at, along with the appropriate expense account.

 

So I create a credit card as you describe, and to clarify: when filling out the credit card purchase and expense accounts, will this make the expenses listed twice? Since I already list them when categorizing my bank feed?

 

Thank you for your time!

MikiD
QuickBooks Team

Categorizing Credit Card Withdrawals from Bank Feed

You don’t need to create another credit card charges, quinn1.


Categorizing transactions can be done right inside your bank feeds. Doing this will avoid from recording duplicate transactions. 


Below are the steps to do so:

  1. Go to Banking at the top. 
  2. Select Bank Feeds > Bank Feeds Center. 
  3. Select Credit Card from the lists of your Bank Accounts in the left side of the screen. 
  4. Click the Transaction List tab. 
  5. Locate the transaction involved and click the drop-down arrow under Action. 
  6. Select Add More Details. 
  7. Enter the vendor name on the Payee field. 
  8. Select the Expense account under Accounts.
  9. Click Add to QuickBooks.   

 

 

 

You might also want to check this for additional information about managing bank feeds: Add and match Bank Feed transactions. 

 

Please consider on writing a post here if there's anything you'd like to ask. 

quinn1
Level 4

Categorizing Credit Card Withdrawals from Bank Feed

I categorized a cash deposit from my bank feed as owners equity investment. It was the cash I deposited into my business checking on the day I opened the account.

When I categorized this on my bank feed, I categorized it as "Owners Equity Investment"

 

That transaction shows up in my chart of accounts under "Owners Equity Investment", however when I attempt to reconcile that statement period, that exact amount is shown as an off balance. Was that transaction to be posted to another account along with "Owners Equity Investment"?

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