Error in QB? Downloaded Credit Card Expenses Appearing as Expense on Cash P&L
Hello Fellow QBO Users,
I linked an Amex credit card account, reviewed the credit card charges in QBO and added the credit card charges to the books as expenses. When I ran a cash basis P&L, the expenses were included, even though they have not yet been paid. This will be a problem for tax reporting.
Error in QB? Downloaded Credit Card Expenses Appearing as Expense on Cash P&L
Hello there, AnneG1.
Expenses made by the Credit Card and downloaded in QBO can be added as a business expense this will post on the date of expense added or created. The balance of your Credit Card will be considered as your payable, so those expenses made by credit card are paid by the Bank, while you still owe the bank and not paid it yet.
You can refer to these articles that will help you in handling reports and bank downloaded transactions:
Error in QB? Downloaded Credit Card Expenses Appearing as Expense on Cash P&L
Hello there, AnneG1.
Expenses made by the Credit Card and downloaded in QBO can be added as a business expense this will post on the date of expense added or created. The balance of your Credit Card will be considered as your payable, so those expenses made by credit card are paid by the Bank, while you still owe the bank and not paid it yet.
You can refer to these articles that will help you in handling reports and bank downloaded transactions:
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