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itwcw2000
February 19, 2019
Question

Using the correct account in credit card register for cc-credit payment (QuickBooks Online)

  • February 19, 2019
  • 2 replies
  • 0 views

I am having trouble figuring out what account to use when manually entering credit card payments. In my chart of accounts, I have a credit card with this name: 2010 Credit card - AMEX (xxxxx). 

 

First, I navigated to the register for that account and selected CC-Credit and then filled out all the fields (Date, memo, payment) but I'm having trouble wrapping my head around what I enter for the "account" field.

 

It defaulted to Sales, which doesn't seem right. I tried to change the account to 2010 Credit card - AMEX (xxxxx) but then QB gives me an error message saying "You probably do not want to set this account to be the same as the bank account you've selected above." What would be the general type of the account I would put here?

 

2 replies

JessT
JessT
February 19, 2019

Let's record your credit card payment correctly, itwcw2000.

 

Instead of creating a credit card credit, you write a check. Then, your Bank Account would be the account where you take the payment, and choose your 2010 Credit card - AMEX account in the Category details section.

 

Alternatively, you can create a transfer transaction from your bank account to your 2010 Credit card - AMEX account.

 

You can check out this article for additional reference: How to Record Credit Card Payments.

 

I'm inviting you to post again if you have more questions. We'll be more than happy to help you again.

vpcontroller
vpcontroller
February 19, 2019

@itwcw2000

 

"First, I navigated to the register for that account and selected CC-Credit and then filled out all the fields (Date, memo, payment) but I'm having trouble wrapping my head around what I enter for the "account" field."

 

CC-Credit is for when you return some purchase and they issued the credit to your credit card account.

 

To record Credit Card Payment, you should select Transfer, and under ACCOUNT choose the bank account, why?

You have transferred this money from some bank account to pay for this cc account. So, just select bank account under ACCOUNT field enter the payment amount. Done.

(If this is still confusing, go to Create "+" sign > Other > Transfer. You can record transfer from bank account to credit card company as well. It will show up in the credit card register).

 

Hope this helps!

L
LOST325
October 27, 2021

OH GEEZ!!!  What if you've already entered CC CREDIT on past reconciled credit card payments, is there anyway to go back and change them to TRANSFER and change the under ACCOUNT information????

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Ethel_A12
October 27, 2021

Thank you for joining us here in the Community, @LOST325.

 

I'm glad to share some insights about changing your record of credit card payments you already recorded and reconciled.

 

I recommend consulting an accountant when making changes to avoid messing with your books in QuickBooks Online.

 

With the assistance of an accountant, you can delete the transaction and recreate it. You can now use Transfer to record it. Make sure to have the same amount and date of the transaction.

 

Then do a special reconciliation for the transaction and your bank with the help of your accountant. Refer to this article for the detailed steps: Reconcile previously deleted and re-entered checking or credit card transactions.

 

If you would need to undo reconciliation in QuickBooks Online in the future, you can check this article: Undo or remove transactions from reconciliations in QuickBooks Online.

 

Feel free to let us know if you need more assistance with recording a credit card payment transaction. I'm always here to help you.

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