Level 1

Entering Credit Card Transactions - Help Please!

Hi,

 

Thanks in advance for taking time to read this. I am having trouble entering up the information of my Credit Card Statements. We have switched to quickbooks online from Sage last month. I am backdating all the transactions to 1st April. 

 

The opening balance of the Credit card is -£4000. I then go to Expenses, select the Credit Card and add an expense e.g. £1000 fuel, £500 materials. The balance is then saying

-2500 and not -5500 as I would expect.

 

My opening balance is appearing under the payment column as are payments transfered in from the current account (to pay off some of the balance) and the expenses are appearing under the Charge column - is this right?

 

Also to document payments made from the current account I have selected transfer on the online bank feed and selected the creditcard. Is this right? These payments are pushing the balance up e.g. £500 transfered in makes the Creditcard £500 more overdrawn.

 

Please help me!!

Solved