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info673
Level 1

I use quickbooks online. I recently started up and I paid the business credit card with my personal checking. This transaction shows up as a transfer. Is this correct?

 
4 Comments 4
MirriamM
Moderator

I use quickbooks online. I recently started up and I paid the business credit card with my personal checking. This transaction shows up as a transfer. Is this correct?

Welcome to the Community forum, @info673. Thanks for the details. 

 

transfer means money is being transferred from one of your bank accounts to another bank account or credit card account that is both on your company chart of accounts. For instance, you used your business credit card to pay with your checking account. As long as the accounts are both on your company chart of accounts, it's a transfer of funds between accounts.  

 

To learn more on managing your transactions, you can refer below articles:

If you need anything else concerning QuickBooks, let me know. I'm here for you. Take care.

vpcontroller
Level 11

I use quickbooks online. I recently started up and I paid the business credit card with my personal checking. This transaction shows up as a transfer. Is this correct?

@info673  @MirriamM 

 

More important is what's the account category (like for example Equity account and Liability account) you want to select for this personal money transfer rather than the "Record transfer" radio button or "Add" radio button in the Banking tab. Both records the transaction journal the same way in the bank register.

 

Hope this helps!

info673
Level 1

I use quickbooks online. I recently started up and I paid the business credit card with my personal checking. This transaction shows up as a transfer. Is this correct?

Thank you for your response! My personal checking account is not set up in QuickBooks, so it’s strange it categorized it as a transfer. How do I fix this so it can show correctly? I know have a business bank account but will still contribute personally and pay the business credit card. What is the best way to account for this going forward?

IamjuViel
QuickBooks Team

I use quickbooks online. I recently started up and I paid the business credit card with my personal checking. This transaction shows up as a transfer. Is this correct?

Let me share additional information in recording credit card payments, @info673.

 

When you connect your credit card with QuickBooks, your downloaded transactions are recorded as expenses. When recording payments for these expenses, it will be categorized as Transfer. By doing so, you'll avoid getting duplicate record. You'll have to click on that specific transaction then select the Record transfer radio button.

 

Here's how:

  1. Go to the Banking tab.
  2. Select the bank account where the payment came from.
  3. Click the specific transaction in question.
  4. Change the radio button from Add to Transfer.
  5. In the Account drop-down menu, choose the credit card account. 
  6. Select Transfer.
  7. Choose the new account to view the transaction details.
  8. Select the Recognized tab and locate the transaction. Once done, you should see a green match icon.
  9. Choose Match in the Action column.

Other ways to record credit card payments are listed in this article: Record credit card payments.

 

 

Don't hesitate to add a comment if you have other questions or concerns with managing your downloaded bank transactions. I'd be happy to help you further. Wishing you and your business continued success.

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