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mackeinstitute
January 21, 2022
Question

Credit card payments posting to accounts

  • January 21, 2022
  • 1 reply
  • 0 views

I'm having issues with how my credit card payments are posting to my accounts. I've taken some screenshots to help explain. The first screen shot is the credit card expense posted to CMW Credit Card along with its payment. After adding both the expense and the payment, the QB account actually reads $213.98, which is double the expense, rather than resolving to 0. The bank account correctly accounts for the expense, however (third screen shot).

 

A separate issue I'm having is quite odd. The CMW account has an expense for $35.28. It does the same thing as the previously described expense when the expense and payment are added (results in double the amount instead of zeroing out). HOWEVER, the unique thing about this amount is that it is the exact amount that I am missing ON THE OTHER CREDIT CARD (CJM Credit Card). 

 

PLEASE HELP!!!

1 reply

LieraMarie_A
LieraMarie_A
January 21, 2022

I'll help you categorize your credit card transactions properly, @mackeinstitute

To clarify, did you upload your transactions manually into QuickBooks Online? It doubled the expense because the payment was posted as an expense in your CMW Credit Card. I can also see that you added the payment from the bank account you used to pay your credit card. Thus, there's no need to add the payment again from your CMW Credit Card. Otherwise, this will cause duplicates.

 

To resolve it, you can disregard the payment that was posted as an expense under your CMW Credit Card. If you already categorized it, follow these steps:

  1. Go to the Banking or Transactions menu on the left menu.
  2. Select your CMW Credit Card account.
  3. Navigate to the Categorized tab and tick the payment posted as a duplicate expense.
  4. A black box will appear at the top of all transactions, showing how many are selected. Select Undo. This will move them over to the For review tab.
  5. Navigate to the For review tab and tick the transaction.
  6. In the black box at the top of all transactions, select Exclude.
  7. To permanently remove the excluded transactions from QuickBooks, select the Excluded tab. Then, select the tick box to the left of the Date column to tick all transactions. Select Delete.

 

Here's more information about working with bank feeds in QuickBooks Online: Categorize your bank transactions.

 

Moving on to your next issue, you can do the same process above to delete the duplicate expense. Then, you can manually record the credit card payment.

 

Here's how:

  1. Select + New.
  2. Under Money Out (if you’re in Business view), or Other (if you’re in Accountant view), select Pay down credit card.
  3. Select the credit card you made the payment to.
  4. Enter the payment amount.
  5. Enter the date of the payment.
  6. Select the bank account you paid the credit card with.
  7. If you made a payment with a check, select I made a payment with a check. In the Check no. field, enter the check number, or if you paid electronically, enter the EFT number.
  8. If you want to add notes or file attachments, select Memo and attachments and follow the instructions on the screen.
  9. Select Save and Close.

 

There are so many ways to pay down a credit card. You can also write a check or make a payment after reconciling your credit card. For more info, check out this article: Record your payments to credit cards.

 

Please swing by if you need more help with categorizing your transactions. I'm always happy to help. Have a good one.

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