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PeteMuzz
February 28, 2020
Question

Credit Card Payment Duplication

  • February 28, 2020
  • 1 reply
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Hi guys

 

I'm new to quickbooks and just getting my head around expense tracking. 

 

I use a separate business account for all my finances and big purchases go on a credit card. I pay off the Credit Card with my business account and these transactions automatically show up and I categorise them as 'Business - Credit Card' on my transactions. 

 

My question is, if I connect my credit card to the system and it pulls the individual transactions through the system I will be double accounting for those transactions (one as a lump sum on my business account, and then the individual credit card charges). For Self Assessment what is the best method to use to avoid duplicate accounting. Should I just leave my credit card not connected to the system and count the lump sums I pay off, or do I need to record each credit card payment, along with the receipt I receive for the particular item?

1 reply

A
Ashleigh1
February 28, 2020

Hello PeteMuzz, 

 

Welcome to the Community page, 

 

It would be best to connect your credit card this will not show as duplication as it will show that the money coming in to pay off the money that was going out of the account. 

 

so the main account lump sum will show the money coming in and the credit card individual transactions will show the money that has gone out. This then means that it is not duplicating the transactions as it is showing the money leaving one account and going into another. 

 

 

 

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