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February 10, 2021
Question

I was manually recording cc transactions, then somehow it started to record them as credits instead of charges, Is there a way to adjust or do I have to re-input them?

  • February 10, 2021
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1 reply

February 10, 2021

Welcome back to QuickBooks Community, drgiii. I appreciate you for posting again here in our forum. I'll share information on how CC entries work and how to properly record these transactions.
 

 

A credit card account is a liability type by nature. Therefore, the CREDIT side will increase its balance and the DEBIT side will reduce its balance. That said, once you manually recording CC transactions, they'll be posted on the CREDIT side because you increase your credit balance as you use your card.

 

To properly record the CC entries for charges, you'll have to use the Expense transaction type. Then, select Credit Card as the payment method and make sure to select the right expense account for charges in the Category line items. This way, you're able to ensure that your credits in the system stay accurate. To ensure your records are in shipshape, I suggest consulting an accountant before performing the process. They can provide suggestions on how to properly handle the account, especially with the credit entries.

 

 

 

Please refer to this article to see different information on how debits and credits work and to help you understand the basic functions behind transactions and what to expect when entering them: How accounts are affected by debits and credits.

 

Drop me a line if you need further assistance with transactions in QuickBooks. I'm always around whenever you need help.