Hello,
I’m still a little confused on how to categorize credit card debits/credits that are posted to both credit card and bank accounts.
I have 3 scenarios that I need clarifications on if possible:
- My previous accountant categorized my credit card payment transfers titled “owner’s pay & personal expenses”. I pay some of my credit cards with personal banking funds that are not linked with QuickBooks due to the fact that I utilize unspent profits back into the business. Is this categorized correctly?
- What do I categorize the credit from the business card I have dedicated for my business which is paid each month from the bank account that is linked to QuickBooks? Do I categorize this credit/transfer and title as “owner’s pay & personal expenses” or should I title the category as a transfer from my linked bank account?
- What do I categorize the debit from the bank account linked to QuickBooks which pays for the business credit card on file?
Thank you so much for you tim
