P&LQuestion

[belindalouwho]

Hello to all,

I have a dilemma: I have under the P&L a category under 'Expenses' titled "Quicken Charges" and what it entails is a payment from one of our bank accounts to pay off the Visa card in full each month (6 payments so far this year). Can someone please tell me how to properly enter the payments so that it does not fall under 'Expenses'? The actual charge for each transaction was already entered under the proper expense.

Thank you very much for your help!

[Lorin Browning]

The debit entry is to whatever liability account contains your credit card liability. If the bank is making the payment for you out of your funds on deposit in the bank, then the credit is to whatever account you have assigned for your checking account.

You have the transaction set up as a debit to an Income Statement account when it should be a debit to a Balance Sheet account.