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S
silverliningscc-
December 29, 2023
Question

How to categorize the payment from business bank acct to business credit card acct they are w the same bank… do I record both as cc payment or one as a transfer?

  • December 29, 2023
  • 1 reply
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Record the from transaction as a transfer and the to acct (credit card) as a payment?? So confused

1 reply

E
Erika_K
December 29, 2023

Hi there, silver. 

 

Yes, we can record the from transaction as a transfer and the to acct (credit card) as a payment. 

 

Also, when choosing the appropriate accounts for these transactions, I recommend consulting a financial professional for assistance. Doing so enables us to ensure that we're on the right track.  

 

Furthermore, you can check out this article to learn how to automatically categorize transactions from your bank: Set up bank rules to categorize online banking transactions in QuickBooks Online. 

 

If you have additional questions about managing your transactions, comment below. Have a good one! 

S
silverliningscc-Author
December 29, 2023

Hi Erica, 

I am in process of seeking a bookkeeper/cpa, until then I will have to do everything myself. I know where to categorize, my issue was it just makes sense to me to categorize this as a transfer from the actual banking transactions, but want to be sure it is as an expense..... then going into the credit card account and having it categorized as a payment and not showing up in the chart of accounts as 2 transactions, or is it supposed to show up as such? separately? A rep from QBO, stated to categorize( not as transfer) and then match it in the cc account... can you or someone explain the difference it would make between the two??

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Erika_K
December 29, 2023

Thank you for getting back on this thread, silver. Let me provide further information about categorizing your transfers and payments from the same bank account. 

 

As mentioned above, we can categorize the transaction as a transfer and the to acct (credit card) as a payment. We can select either Record as transfer or Record as credit card payment.  

 

Record as transfer is used to move money from one account to another within the same financial institution. On the other hand, recording credit card payments is specific to credit cards only. You can record the payment or transaction as Record as transfer or Record as credit card payment. These options depend on how you want the system to handle the regular credit card you used for this transaction. 

 

I'll add this image for visual reference. 


Also, when choosing the appropriate accounts for these transactions, I recommend consulting a financial professional for assistance. This way, we can ensure we're on the right track and keep our books organized. If you don't have an accountant, visit this website: https://quickbooks.intuit.com/find-an-accountant.   

 

In addition, I've added this article about organizing your accounts to match with your bank and credit card statements: Reconcile an account in QuickBooks Online.  

  

Comment below if you have bank transaction-related queries. I'll be here to provide assistance. Keep safe! 

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