How does the NEW feature "Pay down a credit card" work? Does it replace the bill entry or expense screen when paying a credit card payment?

Hello there, @elenorf12.

I can share some information about processing credit/debit card payments QuickBooks Online.

If you're referring to QuickBooks GoPayments, this feature allows you to accept customer payments on the go. Your clients can now make online payments using payment methods like credit cards, debit cards, and bank transfers.

You can check out this website to know more about our updated merchant charges: https://quickbooks.intuit.com/payments/

Please let me know if you have other concerns. I'll be right here.

Hello @GraceC, no there is a "New" option called "Pay down a credit card". Go to (+) icon>under other is "Pay down a credit card". Please see attached screenshot.

I would like to know how does the NEW feature work? Does it replace the bill entry or expense screen when paying a credit card payment?

Thank you,

Elenor

Would this be a double entry now? Because if I'm entering it in the bill/pay bill as a entry that seems to be 2 entries. I guess I'm a little confused which way should I be using?

Cc: @GraceC 

This answers my question.... "You can either use the Vendor Bill entry or the Pay down credit card feature to pay for your credit card." 

Thank you both @vpcontroller 

How does this feature affect the payment when it comes in through the bank feed?

Hello, @a11yoop2.

I'd be glad to lend a hand with determining if the new feature affects payments coming through the bank feed.

No, it won't affect the payment coming in the bank feed. You'll match the recorded payment and the bank feed payment together.

To match payments together here's how:

1. Select the transaction to expand the view.
2. Review the Deposit to field on the forms.
3. When you're done, go to Match.

For more information about matching bank transactions, refer back to this article: Match and categorize bank transactions in QuickBooks Online

If you have any more questions or concerns, please don't hesitate to reach back out. Have a good rest of your day!

I want to record my Affirm loan payments as 'pay down a credit card'. When I record the initial bank feed transaction, do I record the transaction as an Expense, with 'Affirm' as the Vendor. Or, do I record the Vendor as the payee that the loan is paid to? For example: West Elm.

Is the 'pay down a credit card' feature available as a bulk action? 

For example, I have 50 individual payments made to Affirm. The payments are to 6 payees (one would be West Elm, for example). 

Do I have to manually enter 50 individual 'pay down credit card' actions? Or is there a way to bulk perform this task to save time?

In your screen shot, the box for "I made a payment with a check." is missing for me and I need it because I paid using an account that is not part of this company and is not listed in my chart of accounts.

We appreciate you joining the thread, @abjones1. We'll provide details to give you insights on why the option is missing on your end when in Pay Down a credit card tab inside QuickBooks Online (QBO).

Please know that I made a payment with a check option only shows if you've entered a payment method in the What did you use to make this payment field. Since you've paid it using an account that's not affiliated with your QBO company, a workaround to get through this situation would be to enter a check inside the program to record the credit card payment you've made. We'll gladly input the steps below:

1. Access your QuickBooks Online company.
2. On the left navigational bar, click the + New button.
3. Under Vendors, select Check.
4. In the Payee field, select the (Vendors name) for the credit card payment.
5. In the Bank Account field, select the account from which the payment will be made.
6. Enter a Mailing address and select a Payment date.
7. In the Check no. field, enter the check number, or If paid electronically, type the EFT.
8. Uncheck Print Later if the check was already issued.
9. Enter the Category details and a payment amount and the description and an amount.
10. Enter notes under Memo.

We recommend checking this article for more information: Record your payments to credit cards in QuickBooks Online.

In addition, we've got these articles to help you keep track of your expenses and add more details when running business reports inside the program:

• Run reports in QuickBooks Online.
• Customize reports in QuickBooks Online.

@abjones1, the Community Team is ready to provide further assistance on managing credit card payments you've made for a transaction inside QuickBooks. You can also inform us anytime if you have other questions about the program. Have a good one, and stay safe.

This feature gave me a negative balance on my balance sheet for the credit card. How do I fix a -$97 on my balance sheet for credit card to American Express? The AMEX bank was not loaded in, just the clients checking account. I don't think I am supposed to get a negative on the balance sheet.

Welcome to the Community space, @tracyleebookkeeping.

I am here to provide information about the negative balance on your credit card account that is displayed in your QuickBooks Online (QBO) balance sheet.

It is important to note that a positive balance on a credit card indicates that funds have been spent using the card, while a negative balance indicates that the card has been overpaid. Therefore, it is necessary to review your transactions and verify if there has been an overpayment.

Here's how:

1. Go to Bank transactions.
2. Choose Chart of accounts.
3. Look into your credit card account and check for transactions with negative amount.

For a detailed information on how to handle customer overpayment, feel free to check this article: Handle a customer credit or overpayment in QuickBooks Online.

To learn about generating a customized report in QBO, you can check out this article: Customize reports in QuickBooks Online.

Return to this post if you have other concerns about paying down a credit feature and financial reports in QBO. I'll be here to lend a hand.