linking credit card account to quickbooks online

Let me share some important details about the transactions you can link from your credit card account, @ametz1201. 

Once you've linked your account, the software will automatically download your transactions. By default, QuickBooks Online (QBO) downloads transactions from the past 90 days, giving you a complete picture of your recent financial activities. However, you'll need to import your past bank transactions through supported file formats manually.

You can now categorize the downloaded transactions once you've connected your credit card account.

I'm all ears if you have further questions regarding linking your account to QBO. Have a great day ahead!

@ametz1201 

You can use MT Online or or one of the converter tools (e.g csv2qbo @ $60 one time license) as a workaround.

https://www.moneythumb.com/?ref=110

Ok, I am a little scared to link it just because I don't know what will happen.  But I really need to since my credit card payments are coming over from my bank account and I have to take care of them properly.  And need to categorize the credit card transactions.  I have been watching some videos on that and I am not doing it correctly.  But I wanted to link it now for the new year.

Hello there, @ametz1201.

Let me provide information about linking your credit card while your bank account is also connected. By default, Quickbooks Online downloads your bank transactions from the past 90 days, but other banks may vary in different time ranges.

Once connect the credit card, the program you to map it to an existing account in the Chart of Accounts (COA). After the linking process, you can match the imported transactions to the ones you've already recorded in QBO to avoid duplicates. You can also categorize and add them directly. Furthermore, if there are data that you don't want to be included in your books, use the exclude feature to get rid of them.

Additionally, you can automatically categorize transactions from your bank accounts by setting up bank rules in QuickBooks Online. After that, you can continue with reconciling your bank accounts.

If you have additional concerns regarding linking credit card accounts, please don't hesitate to reply below. I'm always here to assist you.

Ok, so after I link my credit card acct to my QBO and the last 90 days of transactions come over for that credit card acct , does it matter that I am already reconciled up until 12/29/23 in QBO for my bank checking accounts?

Hi, ametz1201. Thank you for coming back to this thread.

If the last 90 days of transactions are downloaded, there's a possibility that some transactions will be duplicated. To avoid this, you can exclude those transactions after linking your credit card account in QBO.

Here's how to exclude them:

1. On the Transactions tab, select Bank transactions.
2. Under Bank transactions, click For review tab.
3. Locate the duplicated transactions.
4. Put a checkmark on the specific transaction that you want to exclude.
5. Click Exclude.

Note: If you wish to check the transactions that you've excluded, you can review them on the Excluded tab.

In addition, I also added an article as a guide on solving issues at the end of reconciliation on QBO: Fix issues at the end of a reconciliation on QuickBooks Online.

If you have more questions related to banking transactions, give us a reply. We're always here to help. Take care.

How would I know that they are duplicated?  Right now since the credit card isn't linked to my QBO, all I am doing is categorizing the credit card payment as "credit card payment" from the drop down menu that I added as an expense and adding the transaction that came over from my checking account that I paid the credit card with.  I have not did anything with the individual purchases on the credit card because I have not linked the credit card account in QBO.  I have not downloaded any of the transactions from my credit card.  

So right now I only have my last credit card payment that came over from my bank in QBO to add.  But I haven't yet because I have been researching QBO more. I am still learning now that I have the time to. 

So when I link my credit card to QBO, should I exclude any purchases prior to the ones that are included in the payment that I just paid?  And start from date of the first transaction that is paid with the payment that is sitting waiting to be added?  

Also for this credit card, I pay more than the balance due.  Meaning, I pay all transactions that are posted on the statement and posted up to the date I am paying that is showing online.  Meaning transactions billed on the statement and ones that are posted on the account up to the date I am looking at the credit card account.    Example, if my credit card balance due is $2,500.00 and I see that the current balance is $5,00.00, which is the transactions that are due on the statement and after the statement date.

I will be happy to provide some clarification, ametz1201.

Once you link your card, you will have to exclude the payments you added manually, which my colleague shared in the steps above. QuickBooks will automatically download those transactions, allowing you to categorize the downloaded transactions, including the last card payment, and match from there.

For the other question, I encourage you to speak to your accountant about the best practices for those actions. If you don't have an accountant, no worries. Feel free to use our ProAdvisors. These experts even offer a free consultation.

Here's how:

1. Go to this Find My Accountant link.
2. In the Find an Expert section, choose what you're looking for, then use your search field to enter a City or ZIP code.
3. Select Search.
4. Browse through the results and find one that works best for your business. You can click on each ProAdvisor profile to learn more about them.

If you have any other questions, I'm just a post away. Have a wonderful day!