I need to transfer a balance from one credit card to another credit card, both set up as vendors. How can I do this in one transaction?

Hi there, @tkj99.

It's nice to have you in the Community today. I can assist you with transferring a balance from one credit card to another in one transaction into QuickBooks Online.

You can transfer the balance from one credit card to another by following these steps:

1. Select the Plus icon (+) on the Toolbar.
2. Under Other, select Transfer.
3. From the Transfer Funds From drop-down, choose the credit card where the balance was coming from.
4. From the Transfer Funds To drop-down, select the credit card that will received the balance.
5. In the Transfer Amount box, enter the amount of the payment.
6. Enter the date.
7. Select Save.

I've added some screenshots to visualize the steps:

This should get you on the right track, @tkj99. Please let me know if you have further Quuestions, I'll be around to help you out. Have a great day!

This does NOT zero out the credit card balance being transferred.  It shows up as a charge.  My card was stolen and I need to zero out the balance that was transferred to the new card.  Any ideas???

Hi, jetsetter.

Merging helps organize and keep track of your finances by consolidating transactions and removing duplicate accounts. However, before doing this, please be reminded that this process is irreversible.

To do that, here's how:

1. Click the Gear icon ⚙️ at the upper right corner and choose Chart of Accounts.
2. Go to the account you want to keep and select Edit from the drop-down in the Action column.
3. Take note of the Name and Detail Type then select Cancel to return to the Chart of Accounts.
4. Go to the account which you don't want to use, and select Edit from the drop-down in the Action column.
5. Change the Name and Detail Type.
6. Select Save, then choose Yes to confirm that you want to merge the two accounts.
   

I'm including an article to learn more about this process: How to merge accounts, customers, and vendors.

If you have any questions about credit card accounts or anything else in QuickBooks, let me know in the comment. I'll be glad to share and provide further assistance. Have a wonderful day! Take care.

How do you do it in Desktop Pro version??

How do I do the same thing but in QuickBooks Desktop Pro? I don't see a "+" sign on the toolbar to select. Thank you for your help!

Greetings, @KDZepeda.

It's my priority that you're able to make a transfer in your Desktop Pro account. It's easy as pie. Follow the steps below:

1. Open QuickBooks.

2. Go to Banking.

3. Choose Transfer Funds.

4. Enter all the information needed to make the transfer.

5. Select Save and Close.

That's it! Now you've made a transfer between your Chart of Accounts.

If you run into any trouble, I'm always here if you need me. Have a great day.

I need to transfer the credit card balance from one vendor (American Express) to another vendor (Citibank). The option to transfer from one vendor to another isn't available in the "Transfer" option. How do I transfer from one vendor to another? Thank you!

Hi @KDZepeda1,

What you mentioned is correct, that the option to transfer credit from one vendor to another isn't available in Transfer Funds. If you recorded these credit cards as vendors, you'll have to do it differently.

You'll need to create a temporary clearing account that'll act as a bridge for the funds.

Here's how:

1. Go to the Lists menu, then select Chart of Accounts.
2. Tap the Account menu, then choose New.
3. In the Add New Account window, choose Bank then press Continue.
4. You can put in Clearing Account in the Account Name field.
5. Leave the Opening Balance field blank, then hit Save & Close.

The next step is to create a journal entry to move the credit.

Follow these steps:

1. Go to the Company menu, then select Make General Journal Entries.
2. On the first line, credit Accounts Payable with the amount you want to transfer. Under the Name column, select the vendor from whom the credit is coming.
3. On the second line, debit the Clearing Account created in step 1 with the same amount.
4. Hit Save & Close.

I've provided a sample screenshot for your reference below.

Right after, you need to apply the credit from the previous journal entry created as an unpaid bill. 

Here's how:

1. Go to the Vendors menu, then select Pay Bills.
2. Select the bill created by the Journal Entry (it's a bill without a due date).
3. Press Set Credits.
4. Move to the Credits tab then select the credit. Tap Done.
5. Hit Pay Selected Bills.

Lastly, you'll need to create a second journal entry to move the credit from the clearing account to the other vendor. 

Follow these steps:

1. Click the Company menu, then select Make General Journal Entries.
2. On the first line, debit Accounts Payable with the amount you want to transfer. Under the Name column, select the vendor who will receive the credit.
3. On the second line, credit the Clearing Account with the same amount.
4. Select Save & Close.

See the screenshot below as an example of the second journal entry. 

On the other hand, if you need to do the same thing but for customers this time, follow the steps listed in this article: Transfer customer credit from one job to another.

Have other questions in mind? Place them in the comments below, and I'll get back to you. 

Credit Cards are not located under Vendors, so where the Name goes to deposit the funds this is not possible. Help!

This does not work!

Hello there, @gamesforusinc.

You can enter credit card charges to indicate the name of the vendor so you'll be able to know where the fund goes. And transfer the credit card balance to another vendor. Let me guide you through the process.

First off, you'll have to make sure that both credit cards are set up to your QuickBooks Desktop.

Once done, you can now enter credit card charges to transfer the balance to another vendor. Here's how:

1. Go to the Banking menu, then select Enter Credit Card Charges.
2. Select the credit card account where the funds deposited.
3. In the Purchased From drop-down, choose the appropriate vendor.
4. From the Account column, select the credit card account to where to want to transfer the funds.
5. Fill out the necessary information.
6. Click Save & Close.

Here's an article you can read for more details: Process a credit card payment in QuickBooks Desktop.

You might also want to visit our QuickBooks Community help website if you need tips and related articles in the future.

Please touch base with me here for all of your QuickBooks needs, I'm always happy to help. Have a good day.

Our Credit Cards are not set up as Vendors as this is not how you set up CC's, so the drop down menu from Purchased From does not list the CC because they are not vendors. Help

Even the link you sent me how to set up Credit Cards does not list them as Vendors. This is very frustrating.

This method does not work, as it shows my Credit Card balance has doubled now.

This has worked, NOTE: Leaving the NAME field blank worked in our case. The Transfer option for Credit Card funds should be more clear.  Thank you

Hello, @gamesforusinc.

Aside from using the Transfer funds feature in transferring the balance of your credit card, you can create a journal entry. Let's first, let's trace where the balance are coming from. Also, let's make sure that the receiving credit card is added in QuickBooks.

Here's how to add your credit card:

1. Go to the Lists menu.
2. Select the Chart of Accounts.
3. From the Account drop-down menu, choose New.
4. Choose Credit Card then click Continue.
5. Enter the Credit Card details.
6. Click Save and Close.

Once added, you can now proceed with transferring the balance.

Through Transfer Funds

By entering Credit Card Charges

You can choose any options. With it, there's no need to add a vendor's name on it.

Also, I'd suggest consulting with your accountant so you'll be guided in tracking your transactions.

Swing by here if you have other questions. I'm always here to help.

This does not work when transferring BALANCES from one credit card to another credit card.    The "from" and "to" does not bring up Credit Cards.

I'm trying to transfer a balance from one credit card that charges interest to another card that does NOT charge interest.   How do I do that?   My credit cards are set up as credit cards - not vendors.

Thanks for sharing your concern with us, @sandybowles.

It could be that the credit card accounts that were set up in your Chart of Accounts have different names. This can be the reason why they aren't showing in the TRANSFER FUNDS FROM & TRANSFER FUNDS TO drop-down list. 

However, you can still find the credit card accounts from this list by clicking the drop-down arrow. You can find them in the right column of the list.

If these accounts aren't still showing, I recommend performing some basic troubleshooting steps. Let's start by running the Verify Data tool. This will help you identify the most commonly known data issues within a company file.

Here's how:

1. Choose Window and then select Close All.
2. To verify data and choose File, then select Utilities. 
3. Click Verify Data.

Once done, run the Rebuild Data tool to fix the issue. Simply follow these steps:

1. Click File and select Utilities. 
2. Then, click Rebuild Data. You will receive a warning message to backup your company file, press OK. A rebuild requires a company file backup beforehand because in rare cases the process may need to delete transactions or list entries to fix the file. 
3. The Rebuild Data utility starts as soon as the backup is finished.
4. Click OK when you get the message "Rebuild has completed.

Once done, try transferring again the balances of your credit card accounts. Just follow the steps provided in the conversation above. 

If you're getting the same issue, I recommend reaching out to our customer support. This way, they can trace the cause of the issue and help you transfer the balances.

I'm always here to help if you have any other concerns or questions. Simply tag my name in the comment section. Have a great day.

I did balance transfer from old credit card account to new credit card account on QuickBooks desktop and it does not zero out the balance but double transaction to the old account instead.

I then merge 2 accounts (keep the new account). When the merging is completed it looks like all reconciled transactions becomes uncheck. Do I have to worry about doing reconciliation again? or I can just leave as it and focus on the present month onward? 

Thanks for joining this conversation, @AnnaTH.

Helping you ensure that your books contain accurate data is one of the functions of QuickBooks Desktop (QBDT). To further assist you with this, allow me to provide some info about merging accounts. 

In QBDT, when you've merged an account, reconciled transactions will become unreconciled after the merging process. 

To avoid discrepancy in reconciling for the next period, you'll need to do a special reconciliation for the unchecked transactions. To begin, here are the steps you can perform:

1. Go to the Banking menu and select Reconcile.
2. Choose the bank account with the transactions you need to reconcile.
3. In the Date of Statement field, input the date for an "off-cycle reconciliation." This date can be any date between your last reconciliation and the next scheduled one.
4. Input the balance of your last successful reconciliation, in the Ending Balance field. Then Continue.
5. From the Reconcile window, check off those transactions.
6. Ensure the Difference field shows $0.00.
7. Once done, select Reconcile Now.

I've also got you this article for additional reference: Fix issues when you're reconciling in QuickBooks Desktop. 

Then, you can pull up a report to have a copy of your reconciliation for the previous period. This is also a big help so you can avoid issues in doing future reconciliations.

Feel free to get back here if you need further assistance in reconciling your transactions in QBDT. I'll be always around to help. Have a good one. 

MyAARPMedicare

Hello,

Please follow this steps is:

• Check your current balance and interest rate.
• Pick a balance transfer card that fits your needs.
• Read the fine print and understand the terms and conditions.
• Apply for a balance transfer card.
• Contact the new credit card company to do the balance transfer.
• Pay off your debt.
• Bottom line.

Thank you for your help. 

Now I'm clear and will redo the reconciliation. 

There's just one thing as when I looking at Journal transaction for the balance transfer, it's now showing as new card for both transfer from and transfer to like same account transferred to itself. Is that seem normally or I didn't get thing done properly while merging account? 

Congrats on merging your accounts successfully, Anna.

Once you've merged your accounts, the old one will be deleted and the transactions will be transferred to the new one. Thus, it'll show the new account in the Transaction Journal.

To learn more about this, please check out this link: Merge list entries in QuickBooks Desktop.

I've also added these resources to help you reconcile your accounts seamlessly:

• Reconcile an account in QuickBooks Desktop
• Fix issues when you're reconciling in QuickBooks Desktop

You're always welcome to tag me in your reply if you have other follow-up questions about merging accounts in QBDT. I'm always around to back you up. Keep safe!