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bl_n
Level 1

In QB self employed, should credit card payments count as income?

My question is pretty similar to the one posed in this thread

 

Any credit card payments I make always show up as income (green) in QB Self-Employed, I don't understand this. Conversely, any payments I make using the credit card are categorized as spending (this makes sense to me).

 

I have been excluding the credit card payments from showing up as income, as this gets very confusing when I'm viewing my overall income/spending from the month, or doing taxes. However, I don't know if this is the correct practice. Should I just be letting credit card payments count as income and categorize them as transfers? I certainly don't want this to show up as "income" on my taxes.

 

Does anyone have any advice on this matter?

 

-Thanks in advance!

1 Comment 1
LeizylM
QuickBooks Team

In QB self employed, should credit card payments count as income?

Hi there, bl_n. I want to make sure this is taken care of. 

 

Credit card payments appear as debits (green) in your Credit Card account because they represent a transfer of funds from your bank account to the credit card company to pay off your outstanding balance.

 

To give you more insights about splitting and categorizing your transactions in QuickBooks Self-Employed, you can always utilize these resources:

 

 

Just let me know if there’s anything else you need with QBSE. I'll be right here to help you succeed. Have a nice day!

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