Credit Card Transactions

Hello there, Ralphthefluffycat,

Thank you for the detailed post. This will help me answer your questions efficiently as you have broken it down.

There's two transaction involved in credit card transaction, one is the item you paid for, the other is the transaction for the cc payment. You can match the transactions if it's in the bank register. The bank side paying the credit card, and the credit card side which handles the charges. The transactions will be matched as long as both is in the register. As for the payee field, you can just leave it blank.

Furthermore, transfer from bank to cc is the process of paying your credit card account. Also, if you don't have bank feeds setup, you can use Accounts Payable to record the transactions.

Lastly, about the credit card debt and interest, you can use expense or the interest you see on the reconciliation page.

Here's an article for more information: Record credit card payments.

Let me know if you got additional questions.

I appreciate you being very polite, but you should have written so so so so so so so so so so confused :(

This is ridiculous.

I have been googling and reading for HOURS. There are about 15 different ways I've found to potentially record a payment. Thanks for all the options!!!!

Why for the love of all that is good in the world, is there not a clear, definitive guide to the correct, simple way to record a bank transaction as a credit card payment, to a credit card that has been added to QBO?!?!

Is it New>Pay down credit card, or categorize the payment as a transfer in the cc account? Or the bank account? Wait but there's also the new categorize as credit card payment button that does not appear to be addressed anywhere on the entire internet.

Just. Intuit. Please. Create. A. Definitive. Guide.

Thanks, if anyone could help me not bang my head against this wall for the rest of the day I'd appreciate it.

I can clarify things out for you, whiles.

Yes, you're right that there are multiple ways to record credit card payments in QuickBooks Online. One of them is by using the Pay down credit card feature. If you use this function, you're manually entering the expense to QuickBooks.

If you don't want to use the Pay down credit card option, you can connect your credit card for online banking. 

You can refer again to this article for additional information: Record your payments to credit cards.

Keep me posted if you have follow-up questions by commenting below. I'll be right here to help you.

a credit card account is not a bank account so you cannot set it up with the bank feed. Is there a difference way to set it up so the downloadable transactions are posted to the credit card account?

Hi there, @Chessmaven.

I'm here to help you on how to get your credit card transactions to flow in the feeds automatically.

You can connect to the bank feeds through your bank's/financial institution's credentials even though you're using a Credit Card as long as it's supported. If it's not supported, you can manually import the transactions using .CSV file format.

I'd be happy to show you how to do that:

1. Go to the website of your Credit Card provider and download the transactions. You can choose to download it using a .CSV file if available, if not proceed to download it via .XLS or .XLSX.
2. Open the spreadsheet in an Excel program and convert it to .CSV.
3. Open the QuickBooks Online program, navigate to the Transactions tab, and select Banking. 
4. Choose the account you'd like to upload the transactions to. 
5. Select the drop-down icon beside the Link account button and click Upload from file.
6. Click the Browse button and select the .CSV file you've converted.
7. Select Open and click the Next button to map the transactions accordingly. This is how it looks like:

To know more about the next steps, check out Step 4 in this article: Manually upload transactions into QuickBooks Online. This also contains another set of steps for your future reference when you're ready to categorize and reconcile the transactions. 

I'll be around if you have other questions. Please don't hesitate to let me know in the comment section. Take care. 

Its simple really. 2 accountants will have 3 approaches to recording a transaction. A small sole proprietor is going to be advised by his/her accountant to record a transaction in one of the fifteen ways you mentioned. A mid size company with 125 employees is going to likely be advised to take a different approach, maybe even a 16th way.

I would imagine it would be quite an undertaking to create a guide for you under these circumstances. So, in closing, I say unto you... "stop banging your head against the wall."

Then, when your head stops pounding and your calm again.... consider voting conservative. Less rules mean less fear, which translates to less ways... equals More Simple.

are you seriously telling people your political views in a thread about how to record credit card transactions?