How do I zero out a cancelled credit card that still shows a balance on QB Self-employed? QB can no longer connect to the account, although it is fully paid off.

Hello there, @doncolliver.

To zero out the balance of the canceled credit card in QuickBooks Self-Employed, you'll need to categorize those transactions that are coming from the said account. This way, the balance will be taken out, so the entries will be categorized and recorded properly.

Here's a link that you can refer to about categorizing transactions in QBSE:  Categorize and edit transactions in QuickBooks Self-Employed. 

On the other hand, if you no longer want to see transactions from a specific bank account, you can hide or delete the account. This article attached below provide in-depth information on how this process works: Delete a bank account in QuickBooks Self-Employed.

You've got me here to help if there's anything else you need. Thanks for coming, and have a pleasant day ahead!

Thanks for your reply, BettyJaneB. However, when I manually add a transaction intending to add a payment to zero out the closed credit card balance, it is classified as cash and the balance still shows on the credit card account. I see no way to associate the transaction to the credit card account.

Hello doncolliver,

Adding transactions manually in QuickBooks Self-Employed (QBSE) will be recorded under Cash account. This will not be applied to your credit card balance. You'll want to import your credit card transactions so you can correctly categorize them.

Here's how: 

1. Click the Gear icon.
2. Select Imports.
3. Select the credit card account you want to add the transactions into.
4. Select Browse and find the file you downloaded from your bank. It's usually in your Downloads folder.
5. Select the file and click Open to start the import.
6. Review the column headers and data. Make sure the Date, Description, and Amount columns on the CSV match the columns and order in QuickBooks. The other column headers can be in any order.
7. Click Continue to complete the import.

Once you're done with the import, categorize the transaction like credit card payment. 

1. Click Transactions on the left menu. 
2. Select the transactions. 
3. Under the Category column, select Credit card payment. 

Please check this article for the detailed steps: Add Older Transactions to QuickBooks Self-Employed.

Also, your credit card balance won't affect how your estimated tax is calculated. Here's an article for more information: How We Calculate Estimated Tax Payments.

You can always touch base with us if you have any other concerns. 

Thank you. Unfortunately I cannot download or import the credit card transactions to QB because the account is closed. How can I zero out the credit card account in QB self employed manually?

I appreciate you getting back to us, @doncolliver.

Let me provide additional information about importing credit card transactions and help you zero out the credit card balances.

Please know that the credit card balance displayed on the dashboard is composed of the transactions recorded under the specific account.

Just to clarify, do you have a copy of your credit card statement showing the payments you’ve made? If so, you’ll still be able to import the payments and record it under your closed credit card account. As long as you haven’t removed the credit card account in QuickBooks Self-Employed (QBSE).

To get started, let’s create a manual CSV file containing the credit card payments and import it to your QBSE account. I've attached a screenshot below for your visual reference.

Once imported, please make sure to categorize the transaction as Transfer: Credit Card Payments.

Most importantly, I still recommend checking with your accountant for more guidance. He/she may add suggestions based on what's more suitable for your business and to your books.

Keep in touch if you need further assistance with this, or if there's anything else I can do for you. I've got your back. Have a good day.

thanks @Mark_R . Apologies for the tardy reply- I've posted multiple times but somehow I couldn't log in to community and QBSE at the same time w the same credentials.

Unfortunately I could not get your suggestion to work. I created a manual .csv file with transactions zeroing out my credit card account. I imported the .csv file under the correct credit card account in QBSE, and classified the entries as Transfer: Credit Card Payments.

Unfortunately, my credit card account still shows the exact same negative balance. Thoughts?

Welcome back to the Community, @doncolliver.

I'd like to redirect you to the right support group to get this addressed right away.

Since your credit card account still showing a negative balance after importing the CSV file, I recommend contacting our Phone Support Team. This way, they can further check to the CSV file you've used upon importing and help you zero out the balance.

Here's how to reach them:

1. Sign in to your QuickBooks Self-Employed account, click the QB Assistant.
2. Type contact support from the chatbox. 
3. Click the Get a callback or Message an agent button to connect with a live agent. 

I'm adding this article for detailed guidance: Contact QuickBooks Self-Employed Support.

As always, feel free to visit our QuickBooks Community help website if you need tips and related articles in the future.

Please touch base with me here for all of your QuickBooks needs, I'm always happy to help. Have a good day.

I followed your instructions and got a callback. The agent could not help me, so I was escalated. The escalated agent email also was unable to solve the problem, so I asked for a further escalation. I have since followed up twice since mid-March and have not heard back at all. Is there a secret to getting a problem solved with Quickbooks SE?

I followed your instructions and got a callback from an agent who could not help me. I was escalated, and the agent who emailed could also not help me. I've followed up via email 2x since mid-March, and have not heard back. Is there a secret to getting a problem solved with QBSE? I'm frustrated.