Hello. I'm in QBDT version 2017 reviewing the file.
Transactions were predominately by web connect, so the "enter bills" or "pay bills" feature was not used.
Owner mistakenly paid this company's credit card with another account not related to the business. The credit card statement shows this as a payment (all good).
In the credit card register, the correct amount is shown under "payment" (good) but in the reference area, it's showing up as "type" CC credit instead of check (which I guess makes sense because it wasn't paid by company check).
In the transaction itself, it's showing a tab for expenses (the amount paid) as it also does when the CC bill is paid by check. My question is, is the credit card "credit" affecting the expense lines? I don't think it would, but need to be sure. I'm uploading a screen shot.
Thank you for your help.
Hello there, GG69,
It's hard to determine if the amount is affecting the expense account. We can run the account QuickReport to check if the CC credit is affecting the balance. Here's how:
To learn more about reports in QBDT and how to customize them, you can check out this article: Customize reports in QuickBooks Desktop.
You can also export your report to Excel. This way it'll be easy to convert the report to your specified file format. See this article for more details: Export reports as Excel workbooks in QuickBooks Desktop.
Let me know if you have other questions.
Thank you for the reply. When I run the Quick Report for the credit card account, the amount shows as a negative amount just as the payments do. I did a quick report on one of the accounts that is typically used for credit cards, and the only negative amounts I see there are true credits. I'm not sure if I'm looking at the right things and I'm not sure what I should be looking for that would indicate a problem. The credit card and bank statements balanced.
Thank you again!
Hello there, @GG69.
Since the business isn't related to credit card payment, you can create a Credit Card Credit and use the Owners Equity account. This way, the amounts will be recorded on that account. However, it would require the approval of your accountant to avoid future issues.
If you haven't created an Owners Equity account, just follow the steps below:
Once done, you can now enter a credit card credit. Here's how:
For more detailed steps, you can refer to this article: Set up, use, and pay credit card accounts.
I'm also attaching these handy articles for your reference on how to manage your accounts in QuickBooks:
If there's anything else you need from me, feel free to comment below. I'm always here to help in any way I can. Have a great rest of your day!