Hi! I want to ask if it would be okay to add credit card payments from checking accounts to credit cards that are not connected to QBO? I have this one-time payment for a credit card NOT used in the daily operation of the business. I was just wondering if would it be okay to add it as payment without really connecting the said CC thanks!
If paying the credit card in full when the statement comes in, I itemize the expenses as they appear on the statement. I am assuming what you describe in this video is for mid cycle payment or partial payment?? Thanks in advance.
I did my payments from the bank account to the credit card as you said. Then, when I did the bank feed on my credit card account, it pulled in the deposit, so I have double deposits. How do I prevent this from happening and how do I fix it now that I have double deposits?
When you say deposits what do you mean? If you enter a CC payment in QB then do the bank feed you need to make sure to MATCH the bank feed to the payment in QB. I would void the payment you entered and use the bank feed payment
I received an item for which I had written a PO., which was prepaid with Amex. In order to clear the amount due, I went to make payments and choose pay with Amex Credit card (from my chart of accounts). Then when I got my statement I can't reconcile because I had already done a payment - so now it shows on my Balance Sheet that my AMEX ccard balance is $75 000, which have already been paid and taken out of my back account. How do I clear the balance on the AMEX card account? Do I post a credit against the expense account or the liability account. I did what I wasn't supposed to do, which was use my Vendor Amex and disbursed the balance into different expense accounts. So I am not sure what account I need to credit in order to clear this $75000 balance.
Hi! I am your new subscriber. Love your videos! I really hope someone can help me out with this one. So i am a new QBO user at the company where i don't really have any help with QBO from anyone. But i work with it on a daily basis and need to master it. They had a person doing their accounts payable and receivable and work with QBO before but it wasn't done all the way through. Anyways, they've only had records for their checking account in QBO up until April this year. I entered all other transactions in there up until now but i didn't reconcile the statements just yet, as i was left with the dilemma as to how to properly enter the deposits for all those last months from their numerous customers. I haven't even figured yet where those deposits exactly came from. the credit card transactions into the QBO from January for now through register but then i was left stuck when having to enter credit card payments, which they make few times during each billing cycle. The funds are coming from their only checking account but can anyone just tell me how to do it properly in this case? I mean, the records for their checking account are already in QBO for the last 10 months of the current year, which also reflect made payments to the credit card. But, as i've mentioned it earlier already, i only started recording credit card transactions and it's only done for the January month so how do i really reconcile both checking account with the credit card on a monthly basis? Can i perhaps undo reconciliation for the checking account for those first few months that it was done in the system, delete transactions that reflect payments to the credit card and then register making payments to the credit card using one of the methods shown in this video? Obviously i can't just do it this way in my case, since there will be double banking / duplicated transactions. I really hope someone can walk me through this!!! THANK YOU IN ADVANCE TO THOSE WHO WILL TAKE TIME TO READ AND ANSWER MY QUESTION!!!!
@@QbuniversityOrg Hi! Thanks so much for your reply! So much appreciated!!! 🙂 So here's my main question. The company has one checking and one credit card accounts. I have records for the checking account's transactions in QBO Jan through October. Now i am entering transactions for the credit card, starting January, 2022 (the company hasn't had any previous records for it in QBO up until now). I recorded credit card's transactions for January month only and want to reconcile the statement now. But how do i reconcile both accounts now in terms of made payments? I mean, the checking account does show all those payments that were made to the credit card for all those months (they make several payments to it every single month) but i've only started recording transactions for the credit card and it's only done for 1 month, as appose to 10 months for the checking account? If i make payments to the credit card using one of the methods shows in this video, i will just duplicate the payments. So shall i perhaps just delete all the payments made in the QBO register for the checking account for all those 10 months? As i understand, i would also need to undo reconciliations as well. If i do so, i could just make the payments to the credit card in the correct way and they would reflect on a checking account then anew. Hope it makes sense. I don't really know the terminology of QBO that well, so i may not even know the right way to phrase my questions 🤫. Anyways, thanks again for replying to me. Hope you will still be able to understand my question and give me much needed advice. Thank you!!!
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how do the expenses get allocated with credit card purchases and partial payments throughout the month and finally at year end on QBD?
Hi! I want to ask if it would be okay to add credit card payments from checking accounts to credit cards that are not connected to QBO?
I have this one-time payment for a credit card NOT used in the daily operation of the business. I was just wondering if would it be okay to add it as payment without really connecting the said CC
thanks!
Yes that would be fine but you would have to categorize it appropriately for what it is
Thank you!!
You’re welcome!
If paying the credit card in full when the statement comes in, I itemize the expenses as they appear on the statement. I am assuming what you describe in this video is for mid cycle payment or partial payment?? Thanks in advance.
Yep that’s exactly right
I did my payments from the bank account to the credit card as you said. Then, when I did the bank feed on my credit card account, it pulled in the deposit, so I have double deposits. How do I prevent this from happening and how do I fix it now that I have double deposits?
When you say deposits what do you mean? If you enter a CC payment in QB then do the bank feed you need to make sure to MATCH the bank feed to the payment in QB. I would void the payment you entered and use the bank feed payment
I made the mistake of entering payments into account manually and I put in apply payments. How do I fix this?
When you say you put in apply payment what do you mean?
I received an item for which I had written a PO., which was prepaid with Amex. In order to clear the amount due, I went to make payments and choose pay with Amex Credit card (from my chart of accounts). Then when I got my statement I can't reconcile because I had already done a payment - so now it shows on my Balance Sheet that my AMEX ccard balance is $75 000, which have already been paid and taken out of my back account. How do I clear the balance on the AMEX card account? Do I post a credit against the expense account or the liability account. I did what I wasn't supposed to do, which was use my Vendor Amex and disbursed the balance into different expense accounts. So I am not sure what account I need to credit in order to clear this $75000 balance.
Hi! I am your new subscriber. Love your videos!
I really hope someone can help me out with this one.
So i am a new QBO user at the company where i don't really have any help with QBO from anyone. But i work with it on a daily basis and need to master it. They had a person doing their accounts payable and receivable and work with QBO before but it wasn't done all the way through. Anyways, they've only had records for their checking account in QBO up until April this year. I entered all other transactions in there up until now but i didn't reconcile the statements just yet, as i was left with the dilemma as to how to properly enter the deposits for all those last months from their numerous customers. I haven't even figured yet where those deposits exactly came from.
the credit card transactions into the QBO from January for now through register but then i was left stuck when having to enter credit card payments, which they make few times during each billing cycle. The funds are coming from their only checking account but can anyone just tell me how to do it properly in this case?
I mean, the records for their checking account are already in QBO for the last 10 months of the current year, which also reflect made payments to the credit card. But, as i've mentioned it earlier already, i only started recording credit card transactions and it's only done for the January month so how do i really reconcile both checking account with the credit card on a monthly basis? Can i perhaps undo reconciliation for the checking account for those first few months that it was done in the system, delete transactions that reflect payments to the credit card and then register making payments to the credit card using one of the methods shown in this video? Obviously i can't just do it this way in my case, since there will be double banking / duplicated transactions.
I really hope someone can walk me through this!!!
THANK YOU IN ADVANCE TO THOSE WHO WILL TAKE TIME TO READ AND ANSWER MY QUESTION!!!!
Thanks! To make this more answerable can you break this down to a couple bullet point questions?
@@QbuniversityOrg Hi! Thanks so much for your reply! So much appreciated!!! 🙂
So here's my main question.
The company has one checking and one credit card accounts.
I have records for the checking account's transactions in QBO Jan through October. Now i am entering transactions for the credit card, starting January, 2022 (the company hasn't had any previous records for it in QBO up until now).
I recorded credit card's transactions for January month only and want to reconcile the statement now.
But how do i reconcile both accounts now in terms of made payments? I mean, the checking account does show all those payments that were made to the credit card for all those months (they make several payments to it every single month) but i've only started recording transactions for the credit card and it's only done for 1 month, as appose to 10 months for the checking account? If i make payments to the credit card using one of the methods shows in this video, i will just duplicate the payments. So shall i perhaps just delete all the payments made in the QBO register for the checking account for all those 10 months?
As i understand, i would also need to undo reconciliations as well.
If i do so, i could just make the payments to the credit card in the correct way and they would reflect on a checking account then anew.
Hope it makes sense. I don't really know the terminology of QBO that well, so i may not even know the right way to phrase my questions 🤫.
Anyways, thanks again for replying to me. Hope you will still be able to understand my question and give me much needed advice. Thank you!!!