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rjs1468
February 6, 2023
Question

Categorizing Credit Card Expense when Quickbooks is already has current back balance

  • February 6, 2023
  • 1 reply
  • 0 views

I have a issue where I just added my credit card to quickbooks banking with a balance already on it.  I would like to categorize the expenses but by doing so is doubling my credit card balance and is then not matching what is actually on the card.  Any new expenses from the use of the card I can categorize and it matches perfectly but the transactions that I made before I added the card to my banking accounts do not categorize without making a discrepancy in the amount.  My example is that I have 999.12 on the card matching in both quickbooks and the bank but I have not categorized the expenses yet.  What do I do to fix this issue?

1 reply

Nicole_N
Nicole_N
February 6, 2023

Thanks for dropping by, @rjs1468. I'm here to ensure you'll be able to categorize credit card expenses in QuickBooks Online (QBO).

 

Before categorizing expenses, make sure that the affected account is accounts payable to avoid doubling the credit card balance. Also, I'd recommend consulting your accountant before doing this. This way, they can provide you with the best way to ensure your transactions are recorded accurately in the correct accounts. 

 

If you don't have an accountant, we can help you find one. Visit this page to get yourself an accountant that's qualified and can help you with your business: Find a ProAdvisor.

 

You may also visit this article to learn how to review your accounts so they always match your bank and credit card statements: Reconcile an account in QuickBooks Online. 


Stay in touch with us if you have additional questions about categorizing credit expenses in QuickBooks Online. The Community is always here to help. Stay safe and have a good one!

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