I currently own a sole proprietorship business and I’m making payments on a credit card with the business checking account. I do my bookkeeping in QuickBooks.
I’m planning on closing the business down in the near future which would include closing the business checking account as well.
At that point I would begin paying on the credit card with my personal checking account. Since the business is no longer making these payments, an entry should be made in the credit card account in QB to reflect this. What kind of transaction would I make in QuickBooks to show that the credit card balance to pay is now zero? Do I use the “Transfer funds to” field?