Skip to main content
D
Deadwood Al
August 7, 2024
Solved

Payments - Bank Feed / Credit Card

  • August 7, 2024
  • 2 replies
  • 0 views

Curious on how to process the "Internet Payment" and Auto Pmt on the credit card processing. We have downloaded transactions from the bank and matched and cleared the charges and credits that appeared on the cards, but we aren't sure how to process and clear/apply these payments.

 

In the past, we marked these to "Ignore", and then we did the Banking | Write Checks for the amounts and date to apply to the credit card liability account, but I'm assuming that since the payment transactions are downloaded with other transactions, there must be a way in the credit card processing to apply these. Probably really obvious and I'll feel like an idiot when I'm told what the process is, but .....

 

Be gentle .... thanks.

Best answer by BigRedConsulting

@Deadwood Al  RE: In the past, we marked these to "Ignore", and then we did the Banking | Write Checks for the amounts and date to apply to the credit card liability account, but I'm assuming that since the payment transactions are downloaded with other transactions, there must be a way in the credit card processing to apply these.

 

Actually I think you have hit on a good solution. There isn't a way to create a check from a bank accounts from the bank feeds feature to pay down the credit card (the one thing everyone wants to do can't be done).

 

You could also, I think, record the payment before downloading and then match the downloaded version of the payment to it, as you might charges that are already recorded and then are downloaded. But, I don't see how that's really any better.

2 replies

M
Maybelle_S
August 7, 2024

Matching credit card payments in QuickBooks Desktop (QBDT) helps keep your transactions organized and accurate, Deadwood. Aligning recorded payments with downloaded transactions streamlines reconciliation, prevents discrepancies, and simplifies bookkeeping.

 

In QBDT, you can match the recorded credit card payments with the downloaded transactions instead of marking them as ignored. It will ensure that both records are aligned and cleared correctly.

 

Here's how:

 

  1. Go to the Banking menu.
  2. Hover over Bank Feeds and select Bank Feeds Center.
  3. Review the transactions in each category.
  4. Then, match transactions for the bank feeds mode you use.

 

You can find detailed information about each mode and how they work in this link: Add or match bank feed transactions. Follow the steps for the mode you use and finish matching your transactions.

 

Once matched, the payments will be cleared from your reconciliation process, keeping your accounts accurate.

 

Additionally, you can add credit card payments directly within the program in the future. It will help you avoid manually entering payments and streamline your process.

 

Once everything is fine, your next step is to perform the reconciliation process to ensure the balance of your accounts in QBDT matches your real-life bank statements.

 

Let me know if you have further concerns with handling credit card payments in QuickBooks. I'm always ready to give necessary assistance and resources.

D
Deadwood AlAuthor
August 7, 2024

Thanks, but you didn't say HOW to add or match payments, so I still know nothing more than when I first asked the question. I wasn't looking for the theory of how it was supposed to work, I was looking for the specific actions I need to do to make it work.

    R
    RhoiceW
    August 7, 2024

    Hi there, Deadwood Al. I can show you the steps for matching your bank transactions in QuickBooks Desktop (QBDT).

     

    You can match your payments by going to the banking section in your QBDT.

     

    Here's how:

     

    1. Go to Banking, select Bank Feeds, and then Bank Feeds Center.
    2. Open the Match Transactions window, and from the Financial Institution dropdown, make sure the correct bank account is showing.
    3. Select View.
    4. Download and view the electronic statement.
    5. In the Match Transactions window, make sure the Show Register checkbox is selected.
    6. Select the transaction in the statement that you need to match to a transaction in the register.
    7. Then select the transaction in the register to match to. Make sure the amounts match.
    8. Select Match.

     

    After you've successfully matched the transaction, you can now proceed to reconcile your account. This way, your books will be balanced and accurate.

     

    Leave a comment if you still have concerns about matching your bank transactions. We're always here to help.

    BigRedConsulting
    BigRedConsultingAnswer
    August 7, 2024

    @Deadwood Al  RE: In the past, we marked these to "Ignore", and then we did the Banking | Write Checks for the amounts and date to apply to the credit card liability account, but I'm assuming that since the payment transactions are downloaded with other transactions, there must be a way in the credit card processing to apply these.

     

    Actually I think you have hit on a good solution. There isn't a way to create a check from a bank accounts from the bank feeds feature to pay down the credit card (the one thing everyone wants to do can't be done).

     

    You could also, I think, record the payment before downloading and then match the downloaded version of the payment to it, as you might charges that are already recorded and then are downloaded. But, I don't see how that's really any better.

      Terms & ConditionsAccessibility statement