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A
Arundhati
February 11, 2023
Question

Recording credit card payments

  • February 11, 2023
  • 1 reply
  • 0 views

When the expenses paid through credit card are uploaded , both the expenses and the credit card account shows debit instead of expense debit and credit card card. How do I correct the entries ? Please help

1 reply

S
SarahannC
February 11, 2023

Hello there, Arundhati.

 

I'll help your record your credit card payments in QuickBooks and ensure the data is showing correctly.

 

The CSV file for credit card accounts may show the transactions in reverse. The amount may show as negative because paying your credit card reduces your balance.

 

Also, QuickBooks always depends on what data we bring into the program. If these payments have been manually uploaded, we can review the format to ensure we get the correct description and details of the transaction.  
 

If you're using the 3-column format, make sure to put a negative (-) sign to debit the amount ( for payments/other expenses). We can use the sample screenshot below for additional reference.  
 

 

Once done, you can exclude the incorrect transactions and re-import your credit card payments.

 

Afterward, since these transactions come from the bank feed, we can transfer the payment with the Record as a transfer option. It helps us track your expenses and maintain your financial reports accurately. Here's how:
 

  1. Go to Bookkeeping, select Transactions, and select Expenses.
  2. Select the account you need to transfer the payment from.
  3. Select the transaction, then select the Record as transfer radio button.
  4. Select the Transfer account ▼ dropdown menu and select the account you want to send the transaction to.
  5. Hit Confirm.

 

Lastly, let's review your work and make sure everything is correct. We can proceed in Step 2: Review and categorise downloaded transactions section to put them in the right category and match them correctly.

 

For more tips and details, here's an article that will guide you through handling credit card payments: Record your payments to credit cards.

 

Please let me know if you have more concerns about recording payments and other transactions in QuickBooks. I'm here to assist you anytime. Take care and have a good one!

A
ArundhatiAuthor
February 11, 2023

Thanks for the response. Does not work .When I manually upload the credit card transactions with the 3 columns as indicated and then go to review and accept transaction under Bank ( credit card) , since it is an expense, I categorize it to the expense account and then hit add. The entry is posted correctly as debit in the expense account but on the credit card account , instead of credit , it shows as debit as well which is not correct .This is a payment of expense by credit card .Please advise .

 

 

A
Archie_B
February 11, 2023

Good day, Arundhati.

 

Allow me to chime in and make sure your entries are recorded correctly in QuickBooks Online.

 

As discussed by my colleague @SarahannC, make sure to put a negative (-) sign to debit the amount ( for payments/other expenses) if you're using the 3-column format. Also, when uploading the file into QuickBooks Online, make sure to select the corresponding credit card account (not a bank account) to ensure these transactions are imported correctly.

 

Additionally, CSV files for Credit card accounts may show transactions in reverse order. Deposits, for example, may appear as negative amounts because paying your credit card balance reduces your balance. To learn more about CSV file formatting, you can check out this link: Format CSV files in Excel to get bank transactions into QuickBooks.

 

I'm also adding this article once you get all transactions from your bank to QuickBooks Online: Reconcile an account in QuickBooks Online

 

Let me know if you still have other concerns about banking. I'll be here to help. Have a great day!

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