I liquidated one of my credit cards for $10,000 and the fee was 700. $10718 was charged to my card and $10,018 was deposited in my bank account. How should I record this?

QuickBooks allows you to record credit card payments in multiple ways to keep track of your expenses and maintain accurate financial reports, Darrent. I'd be glad to help streamline the process for you.

If the bank account you use to pay is related to your business, you can connect it to QBO. This helps maintain accurate and detailed accounting records. Once done, you can select it when recording the payment.

On the other hand, if it's used to pay business expenses with personal funds, you can create an Equity Account to represent ownership, since the equity won't show in Credit card payment from the dropdown. After that, you can log the payment as a Journal Entry so it accurately reflects in your financial record. Here's how:

1. Click +New and select Journal Entry.
2. On the first line, select the expense account and enter the amount in the Debits column.
3. On the second line, select the Equity account that you've created.
4. Enter the same purchase amount in the Credits column.
5. Then, hit Save and close.

Once done, let's match the journal entry and the downloaded credit card payment. This will link them together so you won't have duplicates.

Additionally, it's essential to reconcile your accounts regularly to ensure they remain accurate and up-to-date.

Moreover, if you need further assistance with matching transactions, reconciliation, or any other banking inquiries, our QuickBooks Live Expert Assisted service is available to help.

Remember, we're always here to help if you have further questions about recording credit card payments in your account. Please leave them in the comments below and we'll ensure to get back to you promptly.

@Darrent 

There's no need to use a journal entry (JE).  It's best to avoid them.  Create a bank deposit (New > Bank deposit).  On the first line of the deposit, select your Bank Charges expense account and the amount as negative $700.  On the second line, select your credit card if it's a business card or the appropriate owner's equity account if it's a personal card for the amount of $10,718.  That will create a $10,108 deposit into your bank account, a $700 Bank Charge expense, and $10,108 to your cc liability account (if it's a business card) or equity (if it's a personal card).   

@Darrent 

CORRECTION:

That will create a $10,108 $10,018 deposit into your bank account

and $10,108 $10,018 to your cc liability account