How do I record interest charge reversals for my credit cards in QuickBooks Online?

Happy to help, @aincao64.

To record interest charge reversals for your credit cards in QuickBooks Online (QBO), you can make a refund for your vendor.

Here's how:

1. On your QBO account, click the + New button.
2. Choose the Credit card credit.
3. Select the appropriate vendor in the Payee field, 
4. From the Bank/Credit account ▼ dropdown, select the credit card to which you received the refund.
5. Enter the Payment date, refund Amount, Tax and Category. 
6. Choose Save and close when done.

To learn more about how to record a refund or credit from a vendor, I recommend checking this article: Enter vendor credits and refunds in QuickBooks Online. It contains different scenarios for entering returns depending on how you record your purchases.

For your future help, I'd also provide an article that helps you reconcile your account in QuickBooks Online.

Come back if you have any other questions about recording the interest charge reversal for a credit card. I'm only a reply away.

Thank you for your reply--I was able to record my credit care interest charge reversals easily per your instructions.

You’re always welcome, @aincao64.

Well done! I'm glad you were able to get to the bottom of this. We want to ensure our users are on top of their business.

I'll be one message away if you need anything else. I wish you a prosperous rest of the year! 

Hello. I followed those steps and it put the credit card credit in the expense section on the profit & loss statement. Is there no way to remove both transactions as they should cancel each other out?

Thanks for joining the Community and getting involved with this thread, Faith623.

If you feel your credit card credit is showing incorrectly on a profit & loss report, I'd initially recommend checking the credit record itself and confirming if it has the correct Bank/Credit account and Category selected.

In the event you've chosen an appropriate account and category for your credit, but its still displaying as an expense on reports, you'll want to check if you're running reports with the cash or accrual method. In the event you're using cash, try switching to accrual. If you're using accrual, try switching to cash and seeing if anything displays differently.

You'll also be able to find many detailed resources about using QuickBooks in our help article archives.

Please don't hesitate to send a reply if there's any questions. Have a wonderful Wednesday!