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Sounds like a work around but why does this not work correctly?
I am using the auto link for our Credit cards and any credit comes across as a charge and my balance is off by that amount??
Another issues is that Payments seem to come across ok but since last October there now are three entries for the same amount. the offsetting entries end up with a payment result that is correct but there is an additional charge and payment for some reason>
I appreciate you joining this thread, dab.
Since there are a few responses made in this thread, I'd like to verify what workaround you're referring to. This helps me provide accurate details of your concern.
Credit card accounts may show the transactions in reverse because paying your credit card reduces your balance. Amounts showing under the Payments column increase the credit card or liability balance.
If the balance is off, you might have duplicate transactions, we can exclude it: Exclude duplicate transaction.
Also, you can create a bank deposit. The Bank deposit is used to track the bank fee in the program.
To learn more about categorizing those transactions, you can check the articles below to ensure your books are accurate and there aren't any duplicate transactions:
If you're using other concerns, please let me know. I'll be around to continue to help you. Take care and have a good one.
All of the answers you are providing are for the Online version and I have the Accountant, Desktop version. I do not have a + New area to check.
I have tried to enter a credit by going to "Add bills, and checking the "credit" option, but the entry comes up as a charge on my American express bill.
I cannot add a deposit because I did not get a deposit into my bank account, I got it on my credit card statement.
I have also tried increasing the payment to reflect a higher amount, then deducting the credit on the expense side as a negative entry, but that too shows up as another expense. Nothing works, so I am forced to leave off some of the expenses on my credit card in order to balance the statement. This does not work for me.
how is this fixed in desktop? I have a lot of AMEX rewards and sometimes they are paid against the bill or a refund for purchases. I had them in a CC Rewards account but that doesn't work and keeps a running total on my reconciliation page which I know is wrong. I then read that these rewards are counted as "other income" but not taxable so I switched the CC Rewards account to an income account but it made the income look pretty large even though the rewards account shows up as "other income". I'm stumpted as to how to enter these rewards. When the rewards were used to pay an airline bill, I did use them as a payment from the cc rewards account to the amex account. Please give me some direction on what the heck to do with these rewards.
I appreciate you for joining the thread, @Carolexx. Accurately accounting for credit card rewards is important for reflecting your true financial situation. I'll guide you on how to manage AMEX rewards on your QuickBooks Desktop (QBDT).
The rewards you earn are important money of the company, allowing you to accumulate points until you decide to use them.
Since you have established an income account specifically for tracking your Amex rewards, we can move on to recording the credit card reward. Here are the steps to follow:
Now, with the income account tracking your Amex rewards, you're ready to handle the airline bill payment. When paying the bill, select the credit card associated with the rewards, and the applicable amount will automatically be subtracted from the total due on that card.
No matter which actions you choose to pursue, it's always a good idea to consult with a professional accountant when handling matters of financial record accuracy and transaction accounting.
For additional guidance on reconciliation, you can refer to this article: Learn the reconcile workflow in QuickBooks.
Please let us know if you have other banking concerns or need further assistance with recording your Amex rewards in QBDT. The Community is always ready to help you.
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