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So I believe i've been miss classifying credit card payments incorrectly.
I have a business checking account and a business credit card account in the same quickbooks.
I think I have been marking my credit card payments in my checking account as "Credit card payment" instead of "Transfer" so even after reconciling i'm ending up with a huge negative balance on my balance sheet.
According to this other article i found https://quickbooks.intuit.com/learn-support/en-us/do-more-with-quickbooks/categorizing-credit-card-p...
My checking out credit card payments should be categorized as "transfers" and on the credit card side, they should be marked as "credit card payments".
What steps do i need to go about resolving this?
It's great to hear that you're paying attention to how your transactions are being recorded in QuickBooks Online, Justifun. I'd be happy to help you correct the credit card payment to ensure it's categorized correctly.
You're absolutely right. Credit card payments should be categorized as "Transfers".
Before we proceed, could you confirm if the credit card payment transaction that needs to be modified was downloaded through bank feeds?
If it was, I'll guide you through undoing the transaction so you can categorize it properly.
Here's how to do it:
Once you've completed these steps, the credit card payment transactions will be back in the "For Review" tab, where you can categorize them correctly.
If these transactions were added manually, you can refer to this link on how to edit the transactions accordingly through your QuickBooks register: Find, review, and edit transactions in account registers in QuickBooks Online.
I also recommend consulting with your accountant to ensure the accuracy of your books.
Additionally, I'm also including these resources that will guide you in fixing the account balance discrepancy and running the reconciliation report:
I'll be available on this thread whenever you need additional assistance managing your bank transactions or anything else. Please feel free to provide more details.
Thank you for your reply.
I believe most of them would have been added from automatic bank imports.
I had to manually upload some bank records because quickbooks failed to import some dates.
I "may" have had to add 2 or 3 manually at some point during reconciliation as well.
Is there an easy way to determine which ones i can or cannot fix via your suggested course of action?
Thank you for getting back here in the Community, Justifun. Your provided information is much appreciated. Let me join in this conversation to provide insights in addition to my colleague's response.
You mentioned that you both automatically downloaded and manually imported the bank transactions. With that, you'll need to review and exclude your duplicated bank transactions and compare them to your bank statement for reference. Once you're done, you can now proceed to categorizing your bank transactions. Let me walk you through the process.
Here's how:
You can also reach out to your accountant for the accuracy of your financial records, especially when reconciling your account.
I hope this post finds you well, Justifun. Just reply below if you have other concerns regarding your transactions and other QuickBooks tasks. I'll be here to lend a hand at any time.
My boss, who is not a bookkeeper, originally set up his Apple credit card as bank (account type) and cash on hand (account type detail). I switched to credit card (type) and credit card (detail) and balance is all kinds of messed up. Any suggestions? Would I need to undo all of the charges and then re-record them again?
Thanks for getting involved with this thread, cjwood82.
To properly identify whether or not you need to undo all of your charges in an account and re-record them, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.
Here's how it works:
Once you've found an accountant, they can be contacted through their Send a message form:
Another great service available through Intuit is QuickBooks Live Expert Assist. Our trained experts can help provide guidance on the best way to manage your books.
If you haven't yet, you can still review the steps shared by my colleagues above, but you'll ultimately want to confirm your best approach with an accounting professional.
I'll be here to help if there's any additional questions. Have an awesome Friday!
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