credit cards

.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.

Hi @JessT, thanks for the replay. 

actually this is old bank transaction. I used batch enter transactions to copy and paste data from my excel sheet. Charges on credit card were positive and payments/ credits as negative with the minus sing. I copied and pasted everything. Charges are going ok. Credits are showing under payments/credits and under charges column. 

I read somewhere that you need to find transactions tab and select include or exclude transactions but where is that for qb desktop? Im not even sure if that will work

what about reconciliation, can i modify, delete transactions from there? 

Maybe i was not supposed for credits to put the minus sign but ( ) ????

I'll share additional information about credits and credit card charges, booklover.

You'll have to write a check to pay your credit card charges so it will lower the balance you owe. We recommend paying your credit card charges at the end of your reconciliation by writing a check. I'll show you how.

1. Go to the Banking, then Write Checks.
2. Select the bank account you want to use for paying the credit card from the Bank account dropdown.
3. Enter the date of payment.
4. Choose the name of your credit card company from the Pay to the order of dropdown.
5. Fill in the payment amount.
6. Click the Expenses tab.
7. On the Account dropdown, select your credit card account.
8. Once done, hit Save & Close.

For a complete guide, check out this article for more details: Create, modify, and print checks.

On the other hand, you'll have the option to add or ignore transactions if you downloaded bank feeds transactions either through a direct or web connection. Also, you won't be able to edit or delete transactions on the reconciliation window. Instead, you need to open them in the bank or credit card register to make changes.

Here's how:

1. Go to the Lists menu.
2. Select Chart of accounts.
3. Double-click on the bank or credit card register to see the list of transactions.
4. Choose the transaction you want to change, then click Edit transaction.
5. Make necessary changes.

For future reference, I've included the following materials below so you'll learn more on how to manage bank feeds transactions and reconciliation:

• Add and match Bank Feed transactions in QuickBooks Desktop
• Download Bank Feed transactions in QuickBooks Desktop
• Reconcile an account in QuickBooks Desktop

You can count on me if you have more questions about managing your transactions. The Community and I will be here to help you.

Hi,

I did manage to get all the past transactions into qb but to do that and not effect my bank balance, I created a “fake” expense account which i put is as ‘ paid from’ in the batch enter transactions when we do mapping. 

now, this account didnt have money on it, and because I “took money out” to “pay” these credit card bills, now it is showing as balance the same amount as total payments but in negative, obviously bc it didnt have money on it when used to “pay” the cc. 

how can i erase this amount in this fake expense account, what journal entry should i do so this doesnt effect my reports? 

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.

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!

Hi there, @JeffinBirmingham.

Thank you for getting back to us. Allow me to provide insights on how QuickBooks works with paired bank transfers. I'll also share the detailed steps to match them to avoid duplicates.

QuickBooks will automatically identify outgoing and incoming bank transfers between two of your linked bank/credit card accounts by looking for matches in the transfer amounts and dates.

When a transfer (for example, credit card payment) is imported into QuickBooks Online, you’ll be presented with a suggested transaction pairing that you can confirm or unpair. If the pairing is confirmed, it will mark that transaction as reviewed for both feeds. 

1. Go to the Banking menu and then the Banking tab (Accounting view), or go to Bookkeeping, then Bank transactions (Business view).
2. Pick the account you need to transfer the payment from (Checking).
3. If it finds a match, you'll see Paired to another transaction under the Category or Match column.
   
4. To confirm the pairing, select Add.  

Otherwise, if it can't find a pair, you can follow the steps provided by my colleague. I'm also including them below for your convenience. Since the credit card and the bank account you use to pay the credit card expense are connected (bank feeds), you can record the payment by transferring the record. You may use the Record as credit card payment or Record as transfer option.

Transfer the payment using Pay down credit card:

1. On the Banking page.
2. Pick the account you need to transfer the payment from (Checking).
3. Select the transaction, then select the Record as credit card payment radio button.
4. Click the Select Credit Card dropdown and choose the account you want to send the payment to (Credit Card).
5. Select Confirm.

Alternatively, you can transfer the payment with the Record as transfer option:

1. On the Banking page.
2. Pick the account you need to transfer the payment from (Checking).
3. Select the transaction, then select the Record as transfer radio button.
4. Select the Transfer to dropdown menu and select the account you want to send the payment to (Credit Card).
5. Select Confirm.

Once you're done with the transfer, QuickBooks will recognize a match in the other account. 

1. Select the For Review tab and locate the transaction.
2. Under the Action column, select Match.

You may also refer to this article for more info: Record your payments to credit cards.

For more in-depth information about finding a match in QuickBooks, refer to these articles:

• Tips for Working in QuickBooks Online’s Bank Feed: Matching Transactions
• Categorize and Match Online Bank Transactions

Please touch base with us here if there's anything else you need. I'm determined to ensure your success. Have a great week!

Thank you for monitoring this forum and replying!  I am going to quote a portion of the instructions and ask whether the quoted steps require that I be viewing in Accounting or Business View at the time I'm executing them.

"Otherwise, if it can't find a pair, you can follow the steps provided by my colleague. I'm also including them below for your convenience. Since the credit card and the bank account you use to pay the credit card expense are connected (bank feeds), you can record the payment by transferring the record. You may use the Record as credit card payment or Record as transfer option.

Transfer the payment using Pay down credit card:

1. On the Banking page.
2. Pick the account you need to transfer the payment from (Checking).
3. Select the transaction, then select the Record as credit card payment radio button.
4. Click the Select Credit Card dropdown and choose the account you want to send the payment to (Credit Card).
5. Select Confirm.

Alternatively, you can transfer the payment with the Record as transfer option:

1. On the Banking page.
2. Pick the account you need to transfer the payment from (Checking).
3. Select the transaction, then select the Record as transfer radio button.
4. Select the Transfer to dropdown menu and select the account you want to send the payment to (Credit Card).
5. Select Confirm.

Once you're done with the transfer, QuickBooks will recognize a match in the other account. 

1. Select the For Review tab and locate the transaction.Under the Action column, select Match."

Thanks for getting back to us, Jeffin.

I'll chime in and share some insights with you. You can use two different company views in QBO, each with its own set of features to help you manage your business in your preferred setting. The Accountant's view provides the accountant with critical information. While the Business view is ideal for when you're on the go and still learning how to use the program.

The steps are available and can be carried out in either view. Your default view is the one you selected when you first set up your QuickBooks.

You can also change them anytime without affecting your accounts or data. Here's how to change the display from Accountant to Business view.

1. Log in to your QBO account.
2. Go to Settings ⚙.
3. Choose Switch to Business view or Switch to Accountant view.

You can visit this article to know how to record, edit, and delete expenses in QBO: Enter and manage expenses in QuickBooks Online.

The Community always welcomes you for further inquiries. Have a great day ahead!

Thank you JamesAndrewM for monitoring this forum and replying.  I did learn about the two views and have been going back and forth.

Hello there, JeffinBirmingham.

We're glad to know that the answer provided by my colleague gives a clearer picture of how each view works, including the features you can use. In addition to posting questions, the Community is a space where users and experts may exchange ideas and best practices about the product.

Additionally, I want to make sure you have the tools you need to manage and expand your business. Click here to access them. There, you'll find articles, and tools, to help you handle your accounting tasks.

Feel free to visit the Community again if you have other QuickBooks concerns or questions. Please know that we're always here to help you. Enjoy the rest of the day.

Thank you for sending that link.  My business is an S corporation that serves around 80 customers at any given time, about half of whom are repeat customers to whom I render services on an ongoing basis and the rest of whom are one-time customers.  Customers get billed once a month or less often.  The number of total transactions of fee payments and expenses has been exactly 484 since the beginning including each expense and each card payment shown in the connected credit card account.  There is a four-paragraph set of instructions to eliminated the double-counting of expenses.  To be honest, I am leaning towards undoing the 484 categorized transactions and categorizing them from the beginning.  One of the Quickbooks forum discussions states that the double-counting can be avoided by simply excluding the expense when it is imported a second time as I am categorizing the transactions.  I need to get an accurate balance sheet because one of the income tax returns that my S corporation is required to file must include a balance sheet.  Categorizing the 484 transactions all over again might be the only way that I can avoid the double-counting in a way that I can easily understand.  Thank you for trying to help!