I’ve been a big QuickBooks Online fan since I started using it about six years ago. One of my favorite things is how well QuickBooks Online works with the online banking. My transactions are consistently imported with very few issues. They are matched automatically against transactions I’ve entered. If I missed entering a transaction, QuickBooks Online makes it easy to add.
Being a Dave Ramsey guy, I’ve been resistant to using credit cards. This year we decided to get credit cards connected to our bank because personal reimbursements were becoming a pain. I was surprised at how easy credit cards were to sync with QuickBooks Online. It works almost exactly like it does with syncing bank accounts…with one exception.
Credit Card Payment Problem
When I pay off my credit card, the payment shows up as a charge. If I just add the transaction, it ends up doubling my balance. Admittedly my bank might be weird in how it handles credit cards. I did have one other friend have this issue.
What you need to do is Exclude that transaction, and then record the payment as a Transfer from checking to the credit card. Again, this might just affect a handful of banks.
Credit Card Statement Confusion
I’ve seen it where some banks consolidate the credit card statements if a church or nonprofit has multiple credit cards. I was working with one church where this caused some issues. They would make a payment, and it looked like they were paying off all their credit cards, but they were still getting late fees. It seems like the payments were being applied correctly and costing the church about $50 per month.
In this case, I think QuickBooks Online handled everything well…except for the payment. For this church, I recommend visiting with the bank and seeing what’s going on. Perhaps they can get a refund. Second, exclude that payment again. Instead, record either a journal entry or transfers.