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DavidD
Level 1

I need to change a credit card transation type from a payment to a credit

 
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Best answer March 04, 2021

Best Answers
IamjuViel
QuickBooks Team

I need to change a credit card transation type from a payment to a credit

Hello there, @DavidD.

 

Modifying a transaction type depends on how it is recorded in QuickBooks. Let me share some information on how to manage your credit card transactions.

 

If the transactions are downloaded from your bank, just a heads-up, QuickBooks relies  on the data your bank shares with us. You can compare the downloaded bank transactions with your bank statement. If it's incorrect, you can undo it and mark it as excluded. Here's how:

  1. Go to the Banking or Transactions menu. 
  2. Choose the Banking tab.
  3. Locate the account where the credit card transactions are recorded.
  4. Scroll to the Categorized or In QuickBooks tab.
  5. Search for the recorded payments.
  6. From the Action column, click Undo.

Then, here's how to exclude them:

  1. Go to the For Review tab.
  2. Select the transactions you'll want to exclude.
  3. Click Batch actions, then select Exclude Selected.

Now, let's manually update the bank account so transactions will re-download. Just click the Update button on the Banking page. Some transactions will be duplicated, though. Just go ahead and exclude them. Once done, you can assign, categorize, edit, and add your downloaded banking transactions

 

On the other hand, credit card balance is the total amount of money you owe. When you make a payment, the amount is subtracted from the balance. It will be posted to the DEBIT side. Your balance decreases and your available credit increases. This means you're reducing your credit card balance or the amount you owe to the credit card company.  

 

You'd want to compare the transactions on your credit card records to what was entered in QuickBooks. Also, you'd want to review how your payments are recorded. Here are the different ways to record a credit card payments in QuickBooks:

 

You can read through this article for the most detailed steps: Record your payments to credit cards.

 

Also, I'd recommend consulting with an accountant so you'd be guided accurately in managing your credit card transactions.

 

Always feel free visit us here if you have other questions about using QuickBooks. I'm just a few posts away.

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1 Comment 1
IamjuViel
QuickBooks Team

I need to change a credit card transation type from a payment to a credit

Hello there, @DavidD.

 

Modifying a transaction type depends on how it is recorded in QuickBooks. Let me share some information on how to manage your credit card transactions.

 

If the transactions are downloaded from your bank, just a heads-up, QuickBooks relies  on the data your bank shares with us. You can compare the downloaded bank transactions with your bank statement. If it's incorrect, you can undo it and mark it as excluded. Here's how:

  1. Go to the Banking or Transactions menu. 
  2. Choose the Banking tab.
  3. Locate the account where the credit card transactions are recorded.
  4. Scroll to the Categorized or In QuickBooks tab.
  5. Search for the recorded payments.
  6. From the Action column, click Undo.

Then, here's how to exclude them:

  1. Go to the For Review tab.
  2. Select the transactions you'll want to exclude.
  3. Click Batch actions, then select Exclude Selected.

Now, let's manually update the bank account so transactions will re-download. Just click the Update button on the Banking page. Some transactions will be duplicated, though. Just go ahead and exclude them. Once done, you can assign, categorize, edit, and add your downloaded banking transactions

 

On the other hand, credit card balance is the total amount of money you owe. When you make a payment, the amount is subtracted from the balance. It will be posted to the DEBIT side. Your balance decreases and your available credit increases. This means you're reducing your credit card balance or the amount you owe to the credit card company.  

 

You'd want to compare the transactions on your credit card records to what was entered in QuickBooks. Also, you'd want to review how your payments are recorded. Here are the different ways to record a credit card payments in QuickBooks:

 

You can read through this article for the most detailed steps: Record your payments to credit cards.

 

Also, I'd recommend consulting with an accountant so you'd be guided accurately in managing your credit card transactions.

 

Always feel free visit us here if you have other questions about using QuickBooks. I'm just a few posts away.

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