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SCCTM
April 9, 2024
Question

Credit Card Transactions showing up as an asset

  • April 9, 2024
  • 1 reply
  • 0 views

Credit card transactions are showing as an asset when I run a report. The problem is that the credit card money is automatically deposited into the checking account. Then, I go in there and categorize it as dues payment, conference registration payment, or exhibitor payment.  We have a connection with our credit card processing company and the transactions download automatically. The main problem is that they are showing up double in reports. They are counted as a deposit into the checking account and then on their own in a separate area as an asset. This makes the quarterly reports incorrect, due to doubling the credit card income. Does anyone have any ideas? Thanks!

1 reply

MariaSoledadG
MariaSoledadG
April 9, 2024

I'll guide you on how to fix your issue, SCCTM.

 

One of the reasons why credit card transactions are showing as duplicates is that you may have manually entered the transaction and downloaded it from your bank.

 

You'll want to exclude a bank transaction that you downloaded so you'll get rid of one of your duplicate entries. To do so, follow the steps outlined below:

 

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

 

Furthermore, learn how QuickBooks downloads the latest transactions and suggest categories based on how you, and other customers, categorized similar transactions. I've added this article for more information: Categorize Online Bank Transactions in QuickBooks Online.

 

Drop a comment in the reply section if you need further assistance. We're always here to help you. Have a nice day!

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