Properly Tracking Credit Card as a Line of Credit

I can help you reconcile the Credit Card statement, FarmMomof4.

Let's answer your first question. Liability and expense accounts are used to track the payment you've made to the bank or creditor. As you can see in this article, Set up and track a line of credit in QuickBooks Online, there are two line items when recording the payment. And, there's also a field where you can choose a bank account when writing a check or expense. 

If you already have an existing liability and expense account, you don't need to create a new one. I suggest using the accounts you've created. That way, the amounts will show correctly when running the Balance Sheet report.

I'll show you a sample screenshot for a visual refence when recording the payment in QuickBooks.

Upon sharing this, I still suggest consulting an accountant. They can share more deeper insights about how to categorize the line of credit entry in QuickBooks. If you don't have an accountant, use this link to find a ProAdvisor near your place: https://quickbooks.intuit.com/find-an-accountant/.

When you have the bank statement in hand, start comparing each transaction with the ones entered into QuickBooks. If everything matches, you can reconcile the Credit Card account. Check out this complete guide: Learn the reconcile workflow in QuickBooks.

 You can mention me in the comment section if you need more reconciliation tips. I'll be here to back you up always.

You shouldn't be using a liability account for a credit card - or track it like a line of credit, which is something else.

Instead, use a credit card account. It functions like a bank account, only it's a type of liability account, like a bank account is a type of asset account.

Thank you @MaryLandT 

That is exactly the way I do it on an auto loan that my client has because the statement shows... of the payment made, how much is going towards principal and how much is going towards interest so I split it appropriately.  However, the credit card statements that I'm dealing with don't show things that way.  It has one line for the payment made (i.e $1000) and then it shows any charges (i.e. Doterra $42.19) and then it has a separate line for Interest Charged (i.e. $21.79).  I enter these as all separate transactions/lines in the credit card register.  The good news is... everything always balances.  The bad news is... when I run a balance sheet report, the account balance (which includes any interest records that were entered into the register) shows up on the report (RATHER THAN JUST THE PRINCIPAL).  The accountant told me that interest should not be included in the number that shows up on the balance sheet report (because that is supposed to be for principal only).  Please see the example of the statement I am using.  Do you have any suggestions as to how I should handle this?