Skip to main content
S
sw1222
July 20, 2022
Question

Entering a credit card payment paid by personal account

  • July 20, 2022
  • 1 reply
  • 0 views

I get automatic bank feed uploaded to my qb online account.  I have a credit card payment that was paid using my personal account, which I dont have connected to quickbooks.  How do I record it if I don't have that account listed?

1 reply

Adrian_A
Adrian_A
July 20, 2022

Hi sw1222,

 

You can record it by creating an expense transaction.

 

You can create either Check or Expense transaction to record the expense made using your aqpersonal account for the business.

 

Before doing any of the steps, I'd suggest reaching out to your accountant so you'll be guided on the best account to use.

 

To start with, record the business expense you paid for with personal funds:

 

  1. From the + New button, select Journal Entry.
  2. On the first line, select the expense account for the purchase.
  3. Enter the purchase amount in the Debits column.
  4. On the second line, select Partner's equity or Owner's equity.
  5. Enter the same purchase amount in the Credits column.
  6. Click Save and close.

 

Then, create either a Check or Expense transaction. Here's how:

 

  1. From the + New button, select Check or Expense.
  2. Select a bank account to use to reimburse the personal funds.
  3. In the Category column, select Partner's equity or Owner's equity.
  4. Enter the amount of the reimbursement.
  5. Select Save and close.

 

I've also added this link for more resources in managing your expenses: QuickBooks Community.

 

 You can always get back or pin this thread if you have other concerns handling expenses. 

S
sw1222Author
July 25, 2022

Thanks for your response.

The transaction is in the system already by automatic bank feed so I don't need to manually create the expense.

However, in order to approve the transaction and have it added to the system, I have to add how the cc was paid.  The pull down menu obviously only shows the bank accounts which I have in my system already.  Since this was paid by an external account, it is not on the pull down menu. So what do I do?  

    M
    Mich_S
    July 25, 2022

    I appreciate the additional details provided about your concern about handling credit card payment made using personal account,@sw1222.

     

    I'm here to share my insights and walk you through the steps to accurately record the payment.

     

    You can enter the payment by transferring the data if your credit card is linked to the bank account you use to pay your credit card expense.

     

    Note: Adding the external bank account is needed for recording purposes. It's recommended to get in touch with your accountant for the accounts you'll choose.

     

    To transfer the payment:

     

    1. Open the Bookkeeping menu, click on Transactions, and then choose Expenses.
    2. Pick the account you need to transfer the payment from.
    3. Pick the transaction, then click on the Pay down credit card radio button.
    4. Click on the Transfer account ▼ drop-down to choose the account you want to send the transaction to.
    5. Once done, click on Confirm.

     

    Aside from that, you can also transfer the payment using the Record as transfer option. Here's how:

     

    1. Open the Bookkeeping menu, click on Transactions, and then choose Expenses.
    2. Pick the account you need to transfer the payment from.
    3. Pick the transaction, then click on the Record as transfer radio button.
    4. Click on the Transfer account ▼ drop-down to choose the account you want to send the transaction to.
    5. Once done, click on Confirm.

     

    After that, you'll need to match it with the new account.

     

    1. Click on the Recognized tab.
    2. Find the transaction.
    3. Navigate to the Action column, and click on Match.

     

    For more information about other ways to keep track of credit card payments, read this module: Record your payments to credit cards.

     

    Once you're ready to match your balances and credit card balances, feel free to also review this guide: Reconcile an account in QuickBooks Online.

     

    Fill me in for updates or additional queries about handling credit card transactions or QuickBooks. It's my pleasure to be of help always. Stay safe!


     


     

    Terms & ConditionsAccessibility statement