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M
melvdg
November 13, 2024
Question

Transfer and Cash Advance Error from Credit Card – How to categorize?

  • November 13, 2024
  • 1 reply
  • 0 views

In an error, I made a $5,000 transfer to my credit card, and then subsequently irrationally made a cash advance back to my bank account from my credit card. Now I need to fix the mess and record it properly in Quickbooks without it looking like I borrowed money from my credit card or that I made $5,000 in sales. How do I categorize this properly? Do I exclude these transactions from the records? Please advise.

1 reply

J
JamesM4
November 13, 2024

Hello melvdg,

 

Welcome to the Community. I'll be happy to share more info so you're on the right track with recording your transactions. 

 

Categorizing your transactions the right way is essential for ensuring your books remain accurate. I recommend consulting an accounting specialist for expert advice. This ensures your entries are recorded in a way that allows for you to navigate the program with peace of mind. You can get in touch with an accounting professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in.

 

For reference, here are the steps on How to exclude a transaction in QuickBooks:

 

  1. Go to Transactions, then select Bank transactions.
  2. Select the For Review tab.
  3. Select the checkbox of the transactions to exclude.
  4. Select Exclude.

Let me know if this info helps. I'll be a message away.

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