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Siobhanblann
February 9, 2019
Question

How to match the payment in my bank feed which pays off a credit card

  • February 9, 2019
  • 1 reply
  • 0 views

Hi.  My client has linked the business credit card to QuickBooks which is made up of several cards for each employee.  I have added the payments showing on the credit card feed to QB i.e. materials, fuel etc.  

 

Now the payment to pay off the credit card is showing in the business bank account feed but I am unsure as to what to do with this.  It says Transfer at the side.  I'm unsure whether to add it as an expense with no VAT (as the items have already been added) or if I transfer it what do I transfer it to as the payment relates to the total of all the credit cards.  

 

Once I added the transactions from the credit card feed into QB do they automatically get included in the VAT figures for that quarter?  Obviously I wouldn't want to duplicate things.  I'm very confused!!

    1 reply

    JessT
    JessT
    February 9, 2019

    Hi Siobhanblann,

     

    Duplicating tax amounts is really one of the things that we want to avoid.

     

    For this situation, it's best to seek an advice from an accountant about the category and the tax code to use on the payments downloaded from your checking account. That way, you can be sure that they'll be mapped to to the right account and you can avoid duplicates.

     

    If you have other questions, feel free to comment below.

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