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DSG1
October 14, 2020
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Help Needed with Visa Payment Transfer from Chequing Acct

  • October 14, 2020
  • 1 reply
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I have watched videos and read your articles. They are excellent and make the transaction sound so easy! My transaction did not do what the articles said it was suppose to do with QB Online.

 

After updating all the bank accounts, the CC transfer payment showed in the QB chequing acct but no payment showed in the QB Visa CC Account bankfeed. Some articles made it sound like the transaction would, also, show in the CC bankfeed before starting but that was not the case.

 

I figured that the transfer would make the payment show in the VISA CC account REVIEW tab but it did not.

I started with the chequing acct transaction, opened the transfer and recorded the VISA acct that the payment was being transferred to and selected record transfer.

 

I then went to the VISA acct and nothing was there to match. I checked the bank register and the transfer was there but nothing ever appeared in the FOR REVIEW tab of the VISA acct. Since I could not review the transaction, nothing is listed in the CATEGORIZED tab. 

 

Is this a problem? What did I do wrong?  Why do articles talk about matching?

 

I am terrified to touch anything as I do not want to get yet another duplicate Visa payment transaction. The other 3 business VISA's that were paid via transfer on the same day as the one I am discussing also have no transaction showing payment in their QB CC bankfeeds so I am not sure how to proceed with those transactions in the chequing account review tab.

 

The QB chequing acct bankfeed shows the transfer in its CATEGORIZED tab. If I select UNDO will the transaction remain in the CC bank register or will it disappear.  I cannot deal with another duplicate transaction, duplications have happened with my last 3 VISA payments. FYI - In August the VISA payment transfers from the chequing acct let me match them.

 

I went online to the BANK and VISA accts and the transfer payments show in all 4 VISAs Accts. Why are those payments not transferring to the QB Feeds??  Is it a date issue, if so how can I manipulate the dates?

 

Baffled again, lol! Where are the matches? Please tell me how to proceed and fix whatever has gone wrong?  Note I am a novice and have only been using QB since August so I need lots of steps and instructions.

 

 

Best answer by LeithG

All business accounts are linked in QBO.

You said, "If you record a transaction for the transfer in QBO, you can simply match the bank one as well which will tie the bank feed to the already posted amount."

So are you saying that I should do a form and then wait to see if something appears on the CC bankfeed?

Do I find the transaction form for the transfer when I click on the the New button. I have never done one before.

Should I undo the transfer for the payment that is in the bank register of the CC before I record a transaction for the transfer. If doing that form prevents future duplications, that may be the best strategy for me.

Thank you for your assistance.


Hmmm.... let's see if I can describe this.

 

Scenario 1: Bank Initiated Transfer

From your bank, you send the transfer that withdraws money from your bank account, paying your credit card.  The money that came out of your bank account will show up right away, while the money going into your credit card will probably not show up for several days (up to a week sometimes).

 

In QBO, on your banking tab, the money you sent from your bank to the credit card will show up as a transaction awaiting your action or Categorizing.  Under the options, you mark it as a transfer to your credit card account, and it gets posted in the ledger.

 

Several days later, the payment receipt on the credit card will show up in your Banking tab.  This time, instead of Transfer, pick matching.  The previous transaction created above will likely show up, hit Match and done.  The bank information/record is tied to the existing transaction, but does not post a second time on your ledger.

 

Scenario 2: Entry before transfer

You know you're going to do a transfer to your credit card, so in QBO you go to New -> Transfer, and record the money transfer from your bank account to your credit card.  Once you login to the bank and actually initiate the transfer, again the bank part will probably show up right away, with the credit card payment showing up several days later.

This time when it shows up in the Banking tab, you match both transactions that appear; both the bank account and the credit card one.

 

Make sense?

1 reply

LeithG
LeithG
October 14, 2020

Hi DSG1

 

I know when I transfer money from my bank account to my Visa account, it usually takes a few days before the transaction shows up on the actual credit card account.  What I usually end up doing is using the bank account transaction that shows up to create the transfer in QuickBooks, then when it shows up on the credit card a couple of days later you can just match it up.

D
DSG1Author
October 14, 2020

Morning! Thanks for you quick response!

The online bank and VISA accounts show the transactions were processed and posted last Friday but I will wait and see. 

 

Are you saying that the CC payment transfer which is now showing in the bank register and not in the REVIEW tab is something that I should not worry about? If the transaction does appear and I MATCH it, will it create a duplicate payment because the transfer is already in the bank register?

 

I am unsure about what you mean by this.  "What I usually end up doing is using the bank account transaction that shows up to create the transfer in QuickBooks".  Is this what I did when I did the TRANSFER from the bank account that went to the register in the CC?

 

 NEW QUESTION - The duplicate VISA payments that I previously created prevented the numbers from balancing between the bank and Quickbooks so I undid them and they are just sitting in the review tab.  Once I undid them everything balanced. How do I get rid of the duplicate postings that are are showing in the bank register? I figure that the CC transfer payments showing in the register have to be the duplicate ones as the real ones are waiting to be matched.  I want to process the real CC payments sitting in the REVIEW tab.

 

I am becoming terrified of CC payments, LOL!

LeithG
LeithG
October 14, 2020

Hi DSG1

 

When you're reviewing transactions in the banking tab, there are several options available depending on the type of transaction incoming.

It can create a journal entry, a transfer, a payment - all of which post journal entries; or you can match it to an existing posting which doesn't post anything on the ledger, but merely ties the bank transaction to an existing posting on the ledger (as backup, if you will).

So when the first transaction comes in from the bank of the money outgoing to your credit card, and that creates a transfer transaction on your ledger - from the bank to the credit card - that's the transaction.  When the payment eventually shows up in your bank feed from the credit card, simply match it to the existing posted transaction and it should not double-post but merely tie to the existing posting.

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