It looks like the fine people at QBO are not understanding that when we want to download items we have paid with a credit card (from our "Credit" company not our "Bank" (even if the CC is through a "Bank" or "Credit Union") we need: Debit to expense (increase our expense)) and Credit to the credit card liability (increase our liabiity...what we owe). I think the disconnect is that they must not understand that a credit card is on the liability side not on the asset side. Therefore, the transactions are being entered opposite/incorrectly. Then, QBO friends, when we pay our credit card we Debit (decrease to liability) and Credit cash (decrease to asset).
If I figure out a work around, I'll post it on this thread, though our point is we should not have to do a work around. It may be that the credit card needs to be listed as an asset (I know, so wrong) and then we have to write a journal entry every month to reclass to the proper CC liability account. I'm not sure, but I'll try to reckon it.
The amount of time I've spent figuring out on QBO what was streamline on desktop (and other accounting software) is regrettable. Hours.
