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LWAY1
Level 3

Ok to exclude balance transfer transaction when updating credit card

We were issued a new credit card because of possible fraud.  I relinked the card w/ QB so all of the previous transactions remain & the new transactions come in fine.  In essence it's the same card, so all is working well in that regard.  I excluded the balance transfer transaction that came into QB because frankly I didn't know how to record/categorize it - I kept getting error msgs.  Excluding it doesn't throw the balance off - the balance is correct & when reconciling I get a zero balance.  It's only if someone were to look at the bank stmt & my register that they'd see the balance transfer on the stmt & not the register.  Is this ok?

3 Comments 3
jamespaul
Moderator

Ok to exclude balance transfer transaction when updating credit card

Hello, LWAY1.

 

I'm glad everything went well after getting the new card. I'll share the ways on how you can handle the balance transfer transaction. 

 

What error codes did you get when you tried excluding the transfer transaction? I'll come up with a troubleshooting step to resolve this. Also, you can add a screenshot below if needed (make sure to hide sensitive information). 

 

In the meantime, follow these steps to help you handle the transfer transaction. 

 

As long the balances are correct after reconciliation and no discrepancies are found, you can disregard the transaction. 

 

However, I would recommend double checking your bank transactions to see if this is something you've missed. 

 

If this is one of your missing transactions, you can record it as a transfer (no need to categorize). In the Banking page, simply select the transfer transaction then choose the Record as transfer. Choose the bank account where it was transferred to, then hit Confirm

 

recordastransfer1.PNG

 

You can also match it with an existing transfer transaction, provided that you've already created the record in QuickBooks Online. In the Banking page again, click the Confirm button (if the system matches it with the correct transaction automatically) or the Find match radio button. 

 

recordastransfer2.PNG

 

You'll also want to correct the reconciled bank account to ensure the balances are correct. You can check this article for the steps: Fix issues at the end of a reconciliation in QuickBooks Online.

 

Need help taking care of other transactions or run reports for your financials? Feel free to browse our help articles here

 

I'm still up and running to answer other questions you might have for QuickBooks Online. Just add the details or screenshots in your reply. Here to help. 

LWAY1
Level 3

Ok to exclude balance transfer transaction when updating credit card

Hi,

The screenshot shows what happens when I tried to confirm the transaction that came in thru the bank feed.  Excluding caused no error msg & reconciling balances to zero.

Just wanted to make sure leaving it out doesn't affect anything because in a literal sense the register doesn't match the bank stmt since the bank stmt shows the transfer & register does not.

Thanks!

MarsStephanieL
QuickBooks Team

Ok to exclude balance transfer transaction when updating credit card

Hi there, @LWAY1.

 

I appreciate the information you've shared. Allow me to share some details about the transfer transaction in QuickBooks Online.

 

You can disregard the transaction by excluding it as what my colleague @jamespaul mentioned. It will not affect your books or register. However, if you want to perform the transfer, you can create a new account in the Chart of Accounts to make it happen. Transferring to the same account in QuickBooks Online cannot be done.

 

Here's how to create an account:

 

  1. Go to the Settings, select Chart of Accounts.
  2. Click on the New button and fill in the fields. You can also include a descriptive name on the new account to identify it easily.
  3. Select Save and Close. This is how it looks like:

Then, create a Transfer transaction to match it in the banking feeds of the new account. To know more about the process, you can check this article: Transfer funds between accounts. This includes steps on how to match the transfer transaction in your bank feeds.

 

I've added this reference page to help with any task with your bank in QuickBooks: Banking Self-Help Articles in QuickBooks Online.

 

I'll be here if you have other questions if you have other questions about QuickBooks. Let me know in the comment section below. Take care and wishing your business continued success.

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