How do I record my Business Credit Card to pay Credit Card Bill using the Business Bank Card to eliminate recording in Bank Account and Credit Card Account twice in Quickbooks eg. Paid Citicard with PNC bank. Both Citicard and PNC bank are accounts in the business and are reconcilled in Quickbooks
Hi there, deantod.
I'll share the steps with you on how to record a payment using a credit card account. Here's how:
You can also follow these steps if you want to enter the credit card's annual and finance charges:
You can also check out this article for more options: Set Up, Use, and Pay Credit Card Accounts.
Then, follow the steps in this article when it comes to reconciling the accounts:
Let me know or visit us anytime you need help while working in QuickBooks. We're always here to guide and assist you.
Here is What I have to do as a transaction
I have 2 statements for a Cooking Business. Jamaica National and Citibank are both business accounts. The first is a Bank Statement from lets say Jamaica National. The next is a credit card statement from Citibank,
On 2/19/2019 I paid off $2000 from my Citibank bill using my Jamaica National Account. How do I record this once and only once so it appears in both my Citibank Credit Card register and in my Jamaica National Bank credit card register?
Hi there, @deantod.
Since you're using your business bank to pay your bill, QuickBooks will only download the transaction from this financial institution. Therefore, you can only categorize this in your Jamaica National Bank credit card.
If the transaction doesn't directly come from Citibank then QuickBooks won't download it to your bank register.
Additionally, you can refer to this article when adding and matching Bank Feed transactions in QuickBooks Desktop (QBDT): Add and match Bank Feed transactions in QBDT.
I'm just a reply away if you have other questions with the QuickBooks. Just add the details of your concerns in this thread and I'll help you out.
This record is for 2019 and I am not using a download version. I am using a Desktop Version, So let me respectfully restate. This is the transaction I am resolving so I am paying my Citibank Credit card from Jamaica National Bank account in Quickbook Desktop
In my Bank register in Quickbooks I would do the following:
Jamaica National Bank 2000
In my Citibank Credit card register in Quickbooks I would do the following
Jamaica National Bank 2000
How can I do this a single transaction only in one of the register above? I dont want to do this twice.
Thank you for adding clarifying details, and I'll make sure you can record the credit card payments accurately, @deantod.
When paying a credit card account using another bank account, this is always a double entry. To record this, you'll want to enter credit card charges first from the Banking menu to put the amount you owe in the credit card account. Then pay credit card charges you owe in full amount by writing a check or creating a bill when it is paid at a future date. You can reference this article for the detailed steps: Set up, use and pay credit card accounts.
If you want to use a single transaction, you can create a journal entry and enter the amounts of each account. It's the same as what you've shown for both your Jamaican National Bank and Citibank credit card debits and credits. However, I'd encourage you to consult an accountant, for this feature is the last resort for accounting adjustments and also to keep your books balanced.
Feel free to come by and leave a comment if you need further assistance with recording bank to bank transactions. I'll keep my eyes on your reply to help. Have a great weekend and more power to your business!
I was following your steps and I am still confused to the solution. Could it be that I do the following to resolve posting in my Citibank credit card and Jamaica National bank account the exact same transaction on Feb 2019?
1. Jamaica National Bank 2000:
Citibank Credit Card 2000
2. Citibank Credit Card 2000
Jamaica National Bank 2000
If I record the credit card charge transaction first in Citibank Credit Card $2000 like this .I made my purchase for $2000 in Brandsmart for a Computer. So in my Citibank Credit Card account it would be:
Computer Expenses $2000
Next I do the following IN THE DESKTOP version
1. Go to Banking Tab in Quickbooks on the top line
2. Click TRANSFER FUNDS from the Dropdown Menu
3. Box populates with your Prefilled Bank Account
TRANSFER FUNDS FROM : BANK ACCOUNT $2000
TRANSFER FUNDS TO : CITIBANK ACCOUNT $2000
4, When I go to my Chart of accounts for my Bank it decreased by $2000
5. When I go to my Chart of accounts for my Citibank card it decreased by 2000
6. So I reconcile my Credit card first then I reconcile my Bank account
This is what I see working!!!!
Is this what the steps above using " Write Checks" was supposed to do or something else?
Thanks for coming back to the Community, deantod.
Let me help ensure your credit card charge is properly recorded in your company file.
Based on the details shared, I recommend you get in touch with an accountant for further assistance. You can check with them if you still have to transfer the funds.
Also, they’ll guide you on how to enter the credit card charge without throwing off your records. Tap here to connect with our ProAdvisor.
You can bookmark this link for future reference: QuickBooks self-help articles. It contains topics about bank feeds, deposits, reconciliation, matching, and categorizing transactions.
Stay in touch if you still need assistance tracking your credit card charge. Please know I’m just a few clicks away for help. Have a great week.