If a credit card balance shows "received" by the credit card company and the same amount shows as "spent" by the bank checking account, how should "action" be recorded?

Let's transfer the payment to record these transactions accordingly, @timfinnegan805.

You can transfer the payment since the credit card and the bank account you use to pay the credit card expense are connected.

Here's how:

1. Go to the Banking menu and proceed to Banking. 
2. Click to open the transaction where you need to transfer the payment from.
3. Select the transaction, then select the Record as transfer radio button.
4. Choose the Transfer account dropdown and select the credit card account you want to send the transaction to.
5. Once done, click on Record Transfer. 

Here's more information on how to record your payments to credit cards. Once done, you can match the transaction with the new account. You can check this article for more information: Categorize and match online bank transactions in QuickBooks Online.

After you match or add downloaded transactions, they're recorded into QuickBooks. You can review it in the Categorized or Reviewed tab. 

If you'd like to automatically categorize transactions from your bank in the future, then you can refer to this article for your guidance: Setup bank rules to categorize online banking transactions in QuickBooks Online.

Let me know if there is anything that I can help you with your transactions, by leaving a reply below.​ I'm always here to provide help and answer any questions that you may have. Have a great rest of the day!