FirstBank of Colorado - Automatic Bank Feed Stopped Working

Hello.

we bank with First Bank as well.

For a month now our Credit Card expenses come in as deposits and our payments on the credit card account go out as expenses. Basically, the feed is reversed.

I spoke with the bank and the bank feed going out is fine.

It is the way QB brings the feed in and QB has not offered any solution whatsoever.

Thanks for getting involved with this thread, goldengateelectr.

When using QuickBooks, credit card expenses are recorded as deposits when they're received from customers, while payments made on a credit card account are recorded as expenses when your company pays the bill.

For example, when a customer uses a credit card to make a purchase, the business will recognize the revenue and records a receivable from your credit card company. When they transfer the funds to the business's bank account, the receivable is cleared, and cash is increased. When you make payments to credit card companies, it will be recorded as an expense and the payable to the credit card company. This accounting treatment ensures accurate financial reporting and helps manage cash flow effectively.

I've also included a couple detailed resources about using QuickBooks which may come in handy moving forward:
 

• Use reports to track cash flow
• What is cash flow & how does it work?

Please feel welcome to send a reply if there's any additional questions. Have a wonderful Friday!