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booklover
March 11, 2022
Question

credit cards

  • March 11, 2022
  • 1 reply
  • 13 views

Hello everyone, 

I transferred credits and charges of credit card into quickbooks desktop. 

 

Payments are not lowering the balance though. They are showing as payment as well as a charge.

 

How can I fix this please? Any help is greatly appreciated

1 reply

JessT
JessTModerator
Moderator
March 11, 2022

.Hi booklover,

 

I appreciate your time to get help in the Community. I'll share information about recording credit card payments. Then, we'll fix your records.

 

If you used your bank account to pay your credit card and both accounts download their transactions, you only need to add one payment transaction from any of them. Just ignore the other one since one transfer will already post to both your bank register and credit card register.

 

Right now, you'll want to delete the other transaction that shows a charge under your credit card account.

 

Here's an article for your additional reference: Set up, use, and pay credit card accounts.

 

Please don't hesitate to reach back out if you have other questions in mind.

J
JeffinBirmingham
January 22, 2023

I began using Quickbooks Online in 2022.  I have a connected credit card used only for my business (an S corporation) and a connected checking account for my business.  I recently realized that expenses were double counted. Is there a simple way to prevent Quickbooks from double counting the expenses.  The credit card bills are paid from the checking account.  Thank you for any assistance you can provide.

J
JeffinBirmingham
January 23, 2023

Hi there, @JeffinBirmingham. I want to ensure you'll be able to record your credit card payments correctly and prevent doubling the expenses in QuickBooks Online (QBO).

 

To prevent QBO from double-counting the expenses when paying credit card bills from your checking account, you'll have to record the payment by transferring the record and matching the transactions. Let me guide you on how:

 

  1. Navigate to the Bookkeeping menu and select Transactions.
  2. Then, click Expenses.
  3. Choose the account you need to transfer the payment from.
  4. Next, select the transaction, then click the Pay down credit card radio button.
  5. Click the Transfer account dropdown menu and select the account you want to send the transaction.
  6. Then, select Confirm.

 

After that, you'll now need to match the transaction.

 

For more information about the process, please read this article: Record your payments to credit cards in QuickBooks Online. 

 

Once everything is fine, your next step is to perform the reconciliation process to ensure the balance of your accounts in QBO matches your real-life bank statements. 

 

I'm always here ready to lend a hand if you have any other concerns about managing credit card payments in QBO. Have a good one and stay safe.


Thank you for replying!  I tried the execute the steps but the screen didn't display exactly the buttons referred to in each step, whether I select business or accounting view (it would be wonderful if a warning could be displayed whenever the software encounters an expense with identical vendors, dates and amounts).  My transactions are few enough that I can undo and re-review them all from the beginning of the business.  Nearly all expenses of the business are contained in the connected credit card account.  Nearly all receipts are contained in the connected checking account.  If I undo all the transactions and go back to the beginning, would it make any sense to have two connected accounts open in two windows simultaneously and literally recognize every transaction by date, refreshing both screens before changing which screen I'm working in?  Thank you again for monitoring this forum!

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