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January 25, 2024
Question

Journal Entry Question (not sure if this is good place)

  • January 25, 2024
  • 1 reply
  • 0 views

Hello All!

 

I want to move credit card balance off of the Balance Sheet. What would the journal entry look like? I am not sure why I am spacing on this...

1 reply

Rainflurry
January 25, 2024

@crashbandi888 

 

It depends.  Are you paying off the balance?  If so, debit cc liability, credit cash.  Or, writing a check in QB will create the same journal entry.  Otherwise, if you're not paying it off, the entry is a debit to the cc liability and a credit to the offsetting account.  The offsetting account depends on what happened to the cc balance.  Did you pay it off personally?  Credit the appropriate equity account, etc.