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BUNKER
Level 1

My Credit Card Accounts were coded as Transfers, Expense and Credit Card Payments for payments I made from my checking account. What should I do?

I am new to QB but I just realized I coded payments made from my checking account to my credit card accounts with transfers, expense and credit card payments. Is this ok, do I need to fix this? I realize I now I should have coded them as a transfer from my bank account. Moving forward that's what I'll do. Thanks for any help on this.
2 Comments 2
MarshallA
Intuit

My Credit Card Accounts were coded as Transfers, Expense and Credit Card Payments for payments I made from my checking account. What should I do?

Hello,

 

As long as the money is going FROM your checking account TO your credit card account to pay down the balance, then "accounting-wise", this is fine.  It might look confusing when you run a report because it will have 3 different transaction types but in the background its all DEBITS and CREDITS anyway.

 

 

Rose-A
Moderator

My Credit Card Accounts were coded as Transfers, Expense and Credit Card Payments for payments I made from my checking account. What should I do?

I'm here to help fix your coded transactions in QuickBooks Online, BUNKER.

 

You can UNDO the transactions that were coded as Expenses and credit card payments, and classify them as a transfer.

 

To undo the transactions, here's how:

 

  1. Click Transactions and choose Banking.
  2. Go to the Categorized tab.
  3. Locate the transaction that was coded as Expense or credit card payments and hit Undo.z.PNG

Once done, go back to the For review tab and code your transactions as Transfer. See the steps below:

 

  1. From the For Review tab, click the transaction.
  2. Choose the Record as a transfer.
  3. Select an Account.
  4. Hit Confirmx.PNG

You can code your statements as a transfer moving forward by following the steps above. I recommend editing, assigning, and categorizing your transactions. Also, you can match them to the existing entries in the software. Just go to the For Review tab from the Banking menu. Doing so will help you ensure the accuracy of your financial records.

 

Please know you can continue to reach me here with any additional questions about QuickBooks transactions or anything about credit card concerns. Thanks again, wishing you a wonderful rest of your day.

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