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marts
Level 1

Why are my credit card transactions imported from .csv in the opposite direction?

I had my chart of accounts and everything set up with Live Bookkeeping for 2019. Then everything was fine but when I try to now upload my credit card transactions from 2020 then somewhy all the transactions are displayed oppositely. I upload the transactions to my credit card account but all my credit card expneses are displayed as CC-Credit and all credit card refunds are displayed as Expenses. Yes, I understand that the credit card transactions work "in an opposite way" to checking account but that is not the issue at the moment. I still have the last year's .csv file for credit card payments and the +/- values were the same then as well..

3 Comments 3
RenjolynC
QuickBooks Team

Why are my credit card transactions imported from .csv in the opposite direction?

I hope you're doing fine today, marts.

 
When importing bank transactions in QuickBooks Online, let's make sure the data is in the correct format. Here's how to check the format of bank transactions in a CSV file:

  • 3 column format: This format has a Date, Description, and Amount column.
  • 4 column format: This format has a Date, Description, Credit, and Debit column.

You can check this article for reference: Format CSV files in Excel to get bank transactions into QuickBooks.

 

Since your transactions are displayed incorrectly, you'll want to exclude them by following these steps:

 

  1. From the Banking page, go to the For Review tab.
  2. Select the transactions you want to remove by putting a check mark on the box before the date.
  3. Click the Exclude button.

Please see this sample screenshot:

 

 

Once done, upload the transactions again. 

 

Here's how:

 

  1. In QuickBooks Online, go to the Banking menu or Transactions menu. Then select the Banking tab.
  2. Select the blue tile for the account you want to upload the transactions into. Then, click the Link account drop-down and choose Upload from file.
  3. Select Browse and then select the file you downloaded from your bank. Hit Next.
  4. In the QuickBooks account drop-down, choose the account you want to upload the transactions into. Then click Next.
  5. Follow the onscreen steps to match the columns on the file with the correct fields in QuickBooks. Then select Next.
  6. When you're ready, press Let's go.

I'm also adding these articles to guide you with the process: 

 

If you need to accomplish other tasks in QuickBooks, please let me know in the comments below. I'll be around to help you out again. Take care!

marts
Level 1

Why are my credit card transactions imported from .csv in the opposite direction?

Thank you for the response.

Unfortunately this is what I have done multiple times but does not solve the problem. When I upload them then the transactions are all there but the value sign is wrong - credit card expenses are listed as CC-Credit and credit card refunds as well as reimbursement from the checking account are listed as expenses. What I did to resolve the issue is that I manually changed the value signs in the .csv and now they are categorized correctly.

 

However, I have an additional question. How should I "link" the monthly transactions between checking account and credit card (for using the credit card)? I suppose they should not be labelled as Expenses. What Live Bookkeeping did last year is that they are journal entries. Therefore would I have to manually make a journal entry every month?

JenoP
QuickBooks Team

Why are my credit card transactions imported from .csv in the opposite direction?

Joining the thread to offer help with your banking transactions, marts. 

 

Are you referring to the credit card bill payments that were taken out of checking account? If so, you can make a transfer of the record the payment to link them  together. 

 

Here's how:

 

  1. Go back to the Banking tab.
  2. Look for the checking account and click on it.
  3. Select the credit card payment, then select the Record as transfer radio button.
  4. Go to the Transfer account ▼ drop-down menu and select credit card account.
  5. Click Confirm.

Once you're done with the transfer of the transaction, you need to match it with the new account. Here's how:

 

  1. Go to the Recognized tab and locate the transaction.
  2. Under the Action column, select Match.

Although, you can still create a Journal Entry every month similar to what was created by QuickBooks Live Bookkeeping. Here's an article as a guide: Create A Journal Entry In QuickBooks Online.

 

Let me also share this article just in case you need more reference and guidance with your year-end tasks: QuickBooks Online Year-end Guide And Checklist.

 

Please don't hesitate to add another reply below if you still need more help with banking. We're always here to offer our assistance. 

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