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Join nowI have an American Express card that I use for both business and personal expenses, and which is connected directly to QuickBooks Online. I have been Excluding the personal expenses so they don't hit my P&L as an expense. 2 payments automatically added to QB (1 personal + 1 business) each month. I have been Excluding the personal payment and Categorizing the business payment. Although, it looks like QB isn't recognizing that the credit card balance isn't being paid down by both payment transactions.
Is there a better way to categorize the personal payment so that the personal transactions are not categorized as expense transactions, and the personal payment doesn't debit the credit card balance properly?
Can't edit initial post. So, to add to my question...when trying to categorize a personal payment as a Credit Card payment its requiring me to choose a bank account from which the payment came. Although, since I'm paying from a personal account that connected to QBO, I don't have an option that fits the situation.
Paying from a personal account is an increase in equity. So, use an equity account such as "owners equity" as the source for the payment, which you can enter in the credit card's register.
I don't believe that is the answer and I'll tell you why. I'm not paying personal expenses with company funds. If an expense is personal, I pay it from an outside personal account not tied to the company or QBO. If its a business expense, I do pay it from a business account that is tied to the company and QBO.
So, I don't think the personal payments, since they are really outside of the company (just happen to be included in the data feed from Amex to QBO, should be considered equity. Am I missing something, or did I not clearly explain my initial question?
I don't believe that is the answer and I'll tell you why. I'm not paying personal expenses with company funds. If an expense is personal, I pay it from an outside personal account not tied to the company or QBO. If its a business expense, I do pay it from a business account that is tied to the company and QBO.
So, I don't think the personal payments, since they are really outside of the company (just happen to be included in the data feed from Amex to QBO, should be considered equity. Am I missing something, or did I not clearly explain my initial question?
Yes, I see I may have misread your question somewhat.
Your initial posts says both that you're excluding the personal charges from QuickBooks and, "I have been Excluding the personal payment and Categorizing the business payment. Although, it looks like QB isn't recognizing that the credit card balance isn't being paid down by both payment transactions.", which on review is difficult to understand as it's a double-negative.
I took it to mean that both payments are not paying down the balance. If so, then I don't see the issue because you've also been omitting personal charges, and so the business charges and business payments should suffice.
In any case, the way to avoid all of this confusion is to not commingle your funds, and instead have one Am Ex card for business and another for personal.
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