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LASouthern
February 27, 2024
Question

Creating a credit card bill and recording a partial payment

  • February 27, 2024
  • 2 replies
  • 0 views

Hey Team! 

 

I am hoping you can work your magic and offer some insight on the proper workflow for creating a bill from a credit card statement and making a partial payment. Here's my steps: I go to Expenses>Bills>Add Bill. After uploading the file, I review it and create bill. It then shows up on my unpaid bills where it gets a partial payment when due. HOWEVER, it is not falling off the unpaid list after making a partial payment - and the amount owed just keeps adding from the previous bills. My first question: am I supposed to put in the amount due portion of the create bill process the, a). balance, b). minimum payment due? My ultimate goal is to properly record the bill, the payment, and clear out my unpaid list as a partial payment is made. 

 

I hope this makes sense. Thanks!

2 replies

BigRedConsulting
BigRedConsulting
February 28, 2024

The way you're tracking the credit card will results in all sorts of confusion and isn't right from an accounting perspective either.

 

Instead of using Accounts Payable, create a Credit Card account on your chart of accounts and enter the charges there, much like a bank account, only the balance is what you owe instead of what you own.

 

Then when you make a payment, just write a check from your bank account and use the CC account as the 'expense' account in the detail area of the check. This creates a transfer from your bank account to the CC account, paying it down by however much you pay.

4
4Gal
February 28, 2024

@LASouthern 

As I know QB Billpay doen't yet support the partial payment feature. Consider to signup for a free Melio account to integrate with QBO and use the partial payment with ACH for free.

https://affiliates.meliopayments.com/quickbooks

 

You can also get the cashback to pay the first bill. Make sure to click the Get $100 cashback button to signup.

https://affiliates.meliopayments.com/cashback

 

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