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fishn2day
Level 1

I am confused on how to record credit card transactions. Should the green (credit) be transfer and the black (debit) be credit card payment...or vice versa?

For example: If I made a payment from my business checking to my capital one business credit card, how should I categorize these two transactions when it shows up in quick books self employed? There's always a transaction for debit and credit. Which should be categorized as transfer and which should be categorized as credit card payment? Or am I doing this all wrong?
1 Comment 1
MarsStephanieL
QuickBooks Team

I am confused on how to record credit card transactions. Should the green (credit) be transfer and the black (debit) be credit card payment...or vice versa?

Hi there, @fishn2day.

 

The type of your transactions is not a business expenses because you're  you're making a payment and not purchasing anything for your self-employed work. The Type "Transfers" means that it is excluded from your calculations for business expenses or estimated taxes.

 

Although, you can account the expenses on the credit card if you connect it with the product. So that it will itemized and for tax purposes.

 

Count me in if you have any other questions. I'll be here to help. Stay safe.

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