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April 16, 2024
Question

My bank changed my credit card from Visa to a new Master card. The Visa payoff is in the bank feed. How do I categorize this?

  • April 16, 2024
  • 2 replies
  • 0 views
The new master card will arrive this month.  The bank said to continue using the Visa until the new card arrives.  The payoff is in my bank feed.  

2 replies

Service
April 18, 2024

It is hard to understand what you are asking. Is your bank swapping one card for another, and transferring the balance onto the new card? You could add the new to card as new banking account, and then transfer the balance due on the old card by using "Transfer" where the from account is the new card and the to account is the old card. That will pay off your old card and create a balance due on the new card. 

April 18, 2024

My apologies for not being clear.  My bank changed my credit card from Visa to Master Card.  I see a last statement balance transfer in my bank feed on 4/10/2024 $1153.57 and then I see a auto pay for the same amount on 4/17/2024.  The bank said my Visa will still work until I activate the new Master Card which I have not received yet.  All my transactions are still coming in my bank feed correctly.  I am not sure if I have to deactivate the Visa in QB and re-activate it.  It appears I only need to edit the credit card info in QB.    The Auto pay is green.  The statement bal trans is not green.

 

 

                                                                                                                                                

04/17/2024 Automatic Thank You VISA - Wells Fargo Paired to another transaction             Received $1153.57                

 

04/10/2024 Last Statement bal from Visa                                                               Spent

                                                                                                                                 $1153.57                                                                                                                                  

April 18, 2024

Wells Fargo converted my Visa to a MasterCard.  I do not have the account number yet.  I have yet to receive the new card in the mail.  Do I need to deactivate the Visa and then reactivate?  Or do I just edit the card  information in QB? As I mentioned the transactions are downloading correctly.  But the only change is going to be the account number.

MJoy_D
April 18, 2024

Hello, @Jennifer529.

 

I am here to assist you with categorizing the payoff for your Visa credit card. 

 

To do this, you can visit the Bank Transactions page. However, I recommend that you seek the advice of a professional accountant to ensure that you are using the appropriate categories and to avoid any mistakes that could affect your account.

 

Here's how to categorize the transaction: 

 

  1. Head over to Transactions tab and click on Bank Transactions
  2. Select the account you want to review and click on the For Review tab to start your review. 
  3. Click on Confirm or Review to choose the category. 

 

For more information on reviewing and categorizing downloaded bank and credit card transactions in QuickBooks, you can check out this article: Categorize online bank transactions in QuickBooks Online

 

You can also set up bank rules to categorize online banking transactions in QuickBooks Online. It will automatically categorize transactions for you.

 

Let me know if you need more help categorizing your transactions. I'm always here to assist. Have a great rest of the day!