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Not applicable

How Should I Categorize my Credit Card Payments that Post on my Credit Card Account?

I have a credit card account in Quickbooks. I also have a checking account in QuickBooks that make payments to that credit card. I understand how to categorize the charges to the credit card. What I don't understand is (1) how to categorize the payment that comes out of the checking account and (2) how to categorize the credit card payment that posts to the credit card account.

I have read older discussions about this and a Credit Card Liability category is mentioned. The discussions I have read stating that this should be included in QuickBooks. I don't see this category anywhere. I only see a detail type Credit Card in my chart of accounts that is assigned to the credit card accounts I have in QuickBooks. The credit card account I'm referring to in this question is balanced in Quickbooks.

What is happening is that my credit card payments from my checking account and the ones that post in my credit card account are begin arbitratily assigned categories. I want these payments to be in a separate category.

I assume I have to create the Credit Card Liability category since I don't have one. Where do I place this category? All the discussions I have read are clear as mud to me. Any help is appreciated.

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Best answer 11-02-2017

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Established Community Backer ***

Re: How Should I Categorize my Credit Card Payments that Post on my Credit Card Account?

Hi lightbecorp, 

 

I appreciate all of the details you provided in your post, and would be happy to help you record those credit card transactions. 

 

Here's a useful article posted by Intuit to guide users who are recording their credit card payments: https://community.intuit.com/articles/1145523. There are 4 different methods mentioned in the article, and I recommend checking out the banking downloads option since it's the most applicable to your situation. 

 

Please reach out if there's anything I can help clarify.

5 Comments
Established Community Backer ***

Re: How Should I Categorize my Credit Card Payments that Post on my Credit Card Account?

Hi lightbecorp, 

 

I appreciate all of the details you provided in your post, and would be happy to help you record those credit card transactions. 

 

Here's a useful article posted by Intuit to guide users who are recording their credit card payments: https://community.intuit.com/articles/1145523. There are 4 different methods mentioned in the article, and I recommend checking out the banking downloads option since it's the most applicable to your situation. 

 

Please reach out if there's anything I can help clarify.

Not applicable

Re: How Should I Categorize my Credit Card Payments that Post on my Credit Card Account?

I have this problem, too.  Your answer seemed headed in the right direction, but then I couldn't make sense of it.

 

I'd like to understand how to correct, and then stop, the annoying double credit card entry charge that is taking my QBO balance deeper into the red every month.   The entries are bank download entries.  

 

A couple of years ago, I tried deleting the extra charge ("uncategorized asset" -- why?), and it messed up all kinds of things.  My accountant understood and said she would fix it, but then she never did.  Later I changed accountants.  I am not an accountant.  What do I do, how do I think about this?  Please help.   Screenshot shows the nature of these entries.

Moderator

Re: How Should I Categorize my Credit Card Payments that Post on my Credit Card Account?

Thanks for joining this thread, topolo.

Allow me to help delete duplicate transactions and get you pointed in the right direction.

 

You have the ability to remove duplicate transactions from bank feeds. As an initial step, you will need to move them from the “For Review” tab to “Excluded” tab first. From there you should now be able to delete the transactions.

 

Here's how:

 

  1. Click the Banking menu.
  2. Select the correct account.
  3. Go to the For Review tab then mark the transactions you're deleting.
  4. Click the Batch actions button.
  5. Choose Exclude Selected.
  6. Once done, go to the Excluded tab.
  7. Mark the transactions again then click the Batch actions button.
  8. Click Delete.

 

 

You can get more details in this article: https://quickbooks.intuit.com/community/Banking-and-bank-feeds/How-to-exclude-expenses-from-download....

 

You may find this article helpful: How to unmatch and delete downloaded transactions.

 

To check why your entries are downloading twice, I’d suggest reaching out directly to our QuickBooks Online Support and schedule a callback so they can investigate this issue with you with your most convenient time.

 

You can get our most updated contact number here:

 

  1. Sign in to your QuickBooks Online Company.
  2. Click (?) Help at the upper right corner.
  3. Select Contact US on the pop-up.
  4. Enter a brief description of your concern then hit Continue.
  5. Click Get a callback.
  6. Enter your contact information.
  7. Select Call me.

Reply back if you need more help with deleting duplicate transactions in QuickBooks Online. Have a great rest of your day.

Not applicable

Re: How Should I Categorize my Credit Card Payments that Post on my Credit Card Account?

Your instructions are really clear and helpful.  Except.  I won't have downloaded transactions to exclude for awhile.  I will use the technique then.  

 

I have several years worth of previously accepted transactions that are duplicate, and remain "uncleared" that I would like to remove from my accounting.  However, another time I tried deleting a few and it did something horrible and I put them back.  I don't remember what happened, but I think it rippled through the whole system and then everything was wrong instead of just my current balance.  My thought was, well the worst evil is not the incorrect balance but the other mess that was made.  But maybe I should try again with that.  If so, how do I remove these register entries that are not cleared and are duplicates?  I include the screen shot again so you can see the doubles and the nature of their "un-clearedness."

Moderator

Re: How Should I Categorize my Credit Card Payments that Post on my Credit Card Account?

Thanks for getting back to us in the Community, @topolo.

 

I appreciate you providing a screenshot. Allow me to chime in for a moment and help delete those uncleared duplicate transactions in your QuickBooks Online (QBO) register.

 

You can delete them right away in the register. Here's how:

 

1. Go to the Gear icon at the top, then pick Chart of Accounts under Your Company column.
2. Locate the account and click View Register under the Action column.
3. Choose the uncleared duplicate transactions, then select the Delete button.

 

46.PNG

 

For your reference, you can also check out this article and scroll down to Delete matched transactions from the Register for further guidance: How to unmatch and delete downloaded transactions.

 

That should do it. Please let me know how it goes so I can get back to you right away. I'm always here if you have any follow-up questions or concerns. Wishing you all the best!

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