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  #1  
Old 07-29-2008, 06:22 PM
Daniel Vitenson Daniel Vitenson is offline
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Balance transfers between credit cards

How do I enter a balance transfer between credit cards? I opened a new credit card account in Quickbooks and need to enter a payment from the new credit card to one of the old ones.
Do I input it as a credit card charge? When I did that the QB assumed that the other credit card is a vendor and enetered it in the vendor list. Then it asked me to create a bill. What to do?
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Old 07-29-2008, 07:12 PM
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lisa_mn lisa_mn is offline
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Enter a credit card charge on the new card that the balance is going TO. Yes, you'll have to create a vendor for it, which you'll need when you eventually pay them.

In the expense account, enter the credit card account that the balance coming FROM and it will reduce that balance and increase the balance on the new card.

It only asks if you want to enter a bill when you reconcile and you can just cancel out of it and not enter a bill.
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Old 07-30-2008, 08:02 AM
RobJoy RobJoy is offline
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Or use Banking - Transfer Money, which makes intuitive sense.
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Old 07-30-2008, 09:10 AM
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lisa_mn lisa_mn is offline
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Quote:
Originally Posted by RobJoy View Post
Or use Banking - Transfer Money, which makes intuitive sense.

But it's not totally intuitive because they're liability accounts so the To and From are backwards.

The transfer from account would be the card that the balance is being trasnferred to (credit to increase liability) and the Transfer to account would be the card that the balance is transferred from (debit to decrease liability)
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Old 07-30-2008, 10:41 AM
RobJoy RobJoy is offline
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Maybe double-entry bookkeeping has become so hardwired into my brain that it makes total sense to me! Paying my credit card from the bank is From bank To Credit card, so this case is From new credit card To old credit card.
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  #6  
Old 08-04-2008, 01:30 PM
Daniel Vitenson Daniel Vitenson is offline
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I think I will follow Lisa's advice. Looks simpler to me. Thanks a lot guys.
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