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fiona6
June 29, 2020
Question

In my credit card account I have a negative figure in "Bank Balance" and then the same figure but positive in "In Quickbooks". Why is one negative and the other positive?

  • June 29, 2020
  • 1 reply
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For example -$500 in bank balance and then +$500 in quickbooks. Is this because we owe the bank $500 (as used up credit) so it shows as negative in bank account, and in quickbooks we have expensed the $500 item out so it shows as we need to pay off $500 therefore positive. Then once we make a payment for $500 both would clear back to zero ? Am I understanding this correctly ?

1 reply

L
Lucas - Product Champion
June 29, 2020

Hi fiona6, 

 

That is correct! The Credit card is a liability account, so it displays a little differently than regular bank accounts, but in this case when you pay off the credit card in the bank and then record that transaction in QuickBooks, both the Bank Balance and the Credit Card account will move closer to zero accordingly. Sometimes the process can be a little tricky, so if you do encounter any trouble when recording this, feel free to reply in this thread again or to give us a call at 1800 046 038 and we'll be glad to give you a hand if you need it! 

 

-Lucas

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