Credit Card Payments

CY25 · ‎January 05, 2024

Hello. Sorry if this has been asked before but I don't know what's going on. Both Credit Card and Bank Account are in QBO (with a bank feed). There are payments from the Bank Account to Credit Card Account. I've recorded these entries as transfers but they aren't showing up correctly when I go to Credit Card in the Chart of Accounts. Instead of reducing the balance, the payments made are increasing the Credit Card balance. For example, credit card purchases are $1,000, a payment of $1,000 is made, and the balance in the Credit Card account is $2,000 instead of $0. The entry appears correctly in the Bank account in the Charter of Accounts. Not sure what I've done wrong. Any assistance is appreciated.

Another issue I have is that there are entries to be reviewed in the Bank Account but they are actually Credit Card entries that I've already recorded. Not sure how this happened. Do I just reject the entries?

Rubielyn_J · ‎January 05, 2024

I see the challenges with recording credit card payments and categorizing transactions in QuickBooks Online (QBO), @CY25.

I'm here to share insights and help you resolve these issues.

To begin, let's record a Pay down credit card in QuickBooks Online. You can also review this link for more details: Record your payments to credit cards in QuickBooks Online.

As for the entries to be reviewed in the bank account that are credit card entries you've already recorded, you can simply reject those entries. It seems like there might be a mix-up in the bank feed. You can also consult an accountant for more information and ensure that your records are accurate.

Once done, make sure to match and categorize your transactions in QBO. The entries go into your accounts after you review them.

Keep in touch if you have further queries about handling your credit card payments in QBO. I'll be around to help you all the way.

Credit Card Payments

Banking