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2gar4ik
Level 2

How to properly categorize Cancelled business credit card payment from business Checking account

Basically I had my credit card payment cancelled from my business account to my business credit card.

At the bank statement It shows as Electronic deposit and Electronic Withdrawal at the same date.

I am inputting this transactions manually so no help from artificial intelligence side.

Any help on this matter will be greatly appreciated.

Thank you

 

Sincerely,

Roman 

 Untitled1.jpg Untitled.jpg

Solved
Best answer October 14, 2021

Best Answers
RCV
QuickBooks Team
QuickBooks Team

How to properly categorize Cancelled business credit card payment from business Checking account

Let me help you categorize and record the canceled credit card payment, 2gar4ik. 

 

We can create a check first affecting the credit card account. Just follow the steps below: 

  1. Tap the + New Plus icon. 
  2. Tap Check and choose the Payee from the drop-down.
  3. From the Bank account drop-down, select the account the check withdraws money from.
  4. Complete the check fields you need. Then, select the Print check option if you want to open the check queue to print now. Or select the Print later checkbox if you want to print the check later.
  5. Press Save and close to close the check window. 

 

To learn more about this one, see the Create and record checks in QuickBooks Online article. Once done, make a deposit for the checking affecting the Credit Card account. Here's how:

  1. Click the Plus icon (+) at the top.
  2. Under Others, click Bank Deposits.
  3. Select the payment.
  4. In the Add funds to this deposit field, choose an account.
  5. Enter a negative amount, under Amount.
  6. Click Save and close.

 

For the steps and details, you can check out the Record and make bank deposits in QuickBooks Online article. I've also added the Record your payments to credit cards article to help you record credit card payments in multiple ways so you can keep track of your expenses and maintain accurate financial reports.

 

When you're ready to assess your business financials, you can reconcile your bank account in QBO. Feel free to visit our Banking page for more insights about managing your bank transactions.

 

I'd like to know how you get on after trying the steps, as I want to ensure this is resolved for you. Just reply to this post and I'll get back to you. You have a good one.

View solution in original post

3 Comments 3
RCV
QuickBooks Team
QuickBooks Team

How to properly categorize Cancelled business credit card payment from business Checking account

Let me help you categorize and record the canceled credit card payment, 2gar4ik. 

 

We can create a check first affecting the credit card account. Just follow the steps below: 

  1. Tap the + New Plus icon. 
  2. Tap Check and choose the Payee from the drop-down.
  3. From the Bank account drop-down, select the account the check withdraws money from.
  4. Complete the check fields you need. Then, select the Print check option if you want to open the check queue to print now. Or select the Print later checkbox if you want to print the check later.
  5. Press Save and close to close the check window. 

 

To learn more about this one, see the Create and record checks in QuickBooks Online article. Once done, make a deposit for the checking affecting the Credit Card account. Here's how:

  1. Click the Plus icon (+) at the top.
  2. Under Others, click Bank Deposits.
  3. Select the payment.
  4. In the Add funds to this deposit field, choose an account.
  5. Enter a negative amount, under Amount.
  6. Click Save and close.

 

For the steps and details, you can check out the Record and make bank deposits in QuickBooks Online article. I've also added the Record your payments to credit cards article to help you record credit card payments in multiple ways so you can keep track of your expenses and maintain accurate financial reports.

 

When you're ready to assess your business financials, you can reconcile your bank account in QBO. Feel free to visit our Banking page for more insights about managing your bank transactions.

 

I'd like to know how you get on after trying the steps, as I want to ensure this is resolved for you. Just reply to this post and I'll get back to you. You have a good one.

2gar4ik
Level 2

How to properly categorize Cancelled business credit card payment from business Checking account

All done thank you so much for your input 

 

Sincerely,

Roman

2gar4ik
Level 2

How to properly categorize Cancelled business credit card payment from business Checking account

thank you so much for you help.

 

Sincerely,

Roman S

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