Credit card payment and transfers

Hello there, @kevynq.

The negative balance only means that the deposit on the credit card account is more than the payable amounts. There may be duplicate entries recorded causing this balance. For now, you'll have to check each transaction and make sure they're posted correctly. In QuickBooks Online, you can't create a transaction using equity as a bank account.

For additional references about managing personal or business expenditures, check out these articles:

• Mixing business and personal funds
• Pay for business expenses with personal funds

Also, feel free to read the topics from this link in case you need guides while working with QuickBooks or payments in the future.

Add a comment below if you have any other questions. I'm always here to help you out. Have a good day!

Thank you, Angela. To be more specific, can I go in and delete all of the credit card payments an make separate journal entries for each one? If I do that I will be entering transactions for statements that have already been reconciled.  I've never had to deal with that but can I undo all of them (this year) and start over?

Thank you,

Kevyn

You're welcome and thanks for the additional details, @kevynq.

To answer your first question, yes, you can delete all the credit card payments and create journal entries for each of them. Before doing so, I suggest reaching out to an accountant for the best advice. Once ready, here's how to proceed:

To delete the payments made, here's how:

1. Go to the Expenses tab.
2. Locate the payments made, and then click the More button.
3. Hit Delete, and then tap Yes to continue.
   
   

Then, you can now create journal entries for each of them.

For your second question, yes you may undo the entire reconciliation and start over. Once again, I recommend consulting an accountant to help you along the process to prevent messing up your books. 

I'll be adding this resource in case you encounter reconciliation issues in the future. It outlines the steps on how to resolve them: Fix reconciliation issues.

I'm always around to help if you have more questions about managing payments or anything else related to QuickBooks. Take care and stay safe always.

Thank you, ReyJon.  Further question: When I make the journal entry I will credit the Credit Card account but what is my debit? As Angela T said, I can't debit an Equity account and I don't see an appropriate account elsewhere. Should I create something new?

Thank you!

Good day, kevynq.

Let me show you how to properly record this in QuickBooks Online.

The first thing we need to do is to enter a bill and let's select the credit card account in the Category section. This will reduce the credit card balance and will transfer it into a bill.

Then, we can create a journal entry, and let's debit the Owner's Investment and credit the account's payable (A/P). This put credits into the A/P to pay the vendor.

You can follow these steps:

1. Go to the +New button and select Bill.
2. Enter all the details needed. Select the credit card account in the Category section.
3. Click Save and close.

    

You can click this link on how to create a journal entry in QuickBooks Online. Just make sure to tag the vendor before saving it.

Once done, we can reimburse the personal account by following these steps:

1. From the + New button, select and Expense or Check.
2. Select a bank account to use to reimburse the personal funds.
3. In the Category column, select the Owner's Investment account.
4. Enter the amount of the reimbursement and click Save and close.

I've added this article if you need to track your cash flow in QuickBooks Online .

Please comment again if you need anything else. Wishing you all the best!